Wrap Technologies (NASDAQ:WRAP) Shares Down 2.3% - Here's What Happened

Wrap Technologies, Inc. (NASDAQ:WRAP - Get Free Report) was down 2.3% during trading on Wednesday . The company traded as low as $1.98 and last traded at $2.11. Approximately 336,622 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 371,984 shares. The stock had previously closed at $2.16.

Wrap Technologies Price Performance

The firm has a market cap of $96.81 million, a price-to-earnings ratio of -5.02 and a beta of 1.39. The firm's 50 day moving average price is $1.71 and its two-hundred day moving average price is $1.67.

Wrap Technologies (NASDAQ:WRAP - Get Free Report) last released its earnings results on Tuesday, October 15th. The company reported ($0.02) earnings per share (EPS) for the quarter. Wrap Technologies had a negative net margin of 394.21% and a negative return on equity of 480.59%. The company had revenue of $1.57 million during the quarter.

Insider Activity

In related news, major shareholder Elwood G. Norris sold 22,186 shares of the business's stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $1.63, for a total transaction of $36,163.18. Following the sale, the insider now owns 938,539 shares of the company's stock, valued at approximately $1,529,818.57. The trade was a 2.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 18.57% of the company's stock.

Institutional Investors Weigh In On Wrap Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. GSA Capital Partners LLP increased its stake in Wrap Technologies by 57.5% in the 3rd quarter. GSA Capital Partners LLP now owns 29,656 shares of the company's stock valued at $44,000 after purchasing an additional 10,827 shares in the last quarter. Wealthspire Advisors LLC purchased a new stake in shares of Wrap Technologies in the 2nd quarter worth about $90,000. Main Street Financial Solutions LLC grew its stake in Wrap Technologies by 16.1% in the 2nd quarter. Main Street Financial Solutions LLC now owns 71,941 shares of the company's stock valued at $144,000 after acquiring an additional 10,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Wrap Technologies by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 344,401 shares of the company's stock valued at $517,000 after acquiring an additional 17,150 shares in the last quarter. 8.82% of the stock is currently owned by institutional investors and hedge funds.

Wrap Technologies Company Profile

Wrap Technologies, Inc, a public safety technology and services company, develops policing solutions to law enforcement and security personnel. The company's flagship product is BolaWrap 150, a handheld remote restraint device that discharges a seven and a half-foot Kevlar tether, entangling an individual from a range of 10-25 feet.