Why Axon Enterprise, Inc. (AXON) stock fell 18.2% on Friday, November 6, 2026

Axon Enterprise, Inc. (AXON) closed at $313, down 18.18% on Friday, November 6, 2026, on volume of 5,151,678 shares (5.1× its 3-month average); market value about $25.40B.

What happened: primary sources

Events Nexqual found for AXON on Friday, November 6, 2026 or the trading day before (November 5, 2026):

• Nov 5, 2026: Reported Q3 2026 results: EPS $0.68 vs consensus $1.89 (miss), revenue $908.6M vs consensus $934.3M (miss). Guidance: Expects fourth-quarter revenue in a range of $990 million to $1.01 billion. source
• Nov 5, 2026: SEC 8-K: Entered a material agreement; Unregistered sale of shares source
  Quoted from the filing: “On November 5, 2026, Axon Enterprise, Inc. ("Axon") announced an incremental minority investment of approximately $1.2 billion in Skydio, Inc., a Delaware corporation ("Skydio", and such transaction, the "Skydio Investment"), which is expected to increase Axon's ownership from approximately 15% as of September 30, 2026, to approximately 37% on a fully diluted basis after giving effect to the Skydio Investment. As further described below, the approximately $1.2 billion of consideration is expected to consist of…”
• Nov 6, 2026: RBC Capital: Target lowered, Outperform, price target $735 → $615
• Nov 6, 2026: Piper Sandler: Target lowered, Overweight, price target $561 → $540
• Nov 6, 2026: Needham: Target lowered, Buy, price target $750 → $500

These are listed as context. A filing or rating change on the same day is not proof that it caused the move; read the source.

More on AXON

AXON stock page: price, SEC financials, insider trades, superinvestor holders, analyst estimates and options. Earnings report: AXON results, November 5, 2026. Other big moves that day: November 6, 2026.

Sources: SEC EDGAR, Nexqual Earnings Flash, analyst rating changes, Nexqual market data. Built November 10, 2026 at 16:31 UTC. Not investment advice.

Data source: Nexqual. Last updated: November 10, 2026 at 16:31 UTC. This page is informational and not investment advice.

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