Shares of Axon Enterprise (NASDAQ:AXON) were up about 5% in afternoon trading as police reform measures get closer scrutiny.
While no news particular to Axon caused the stock to rise today, New Mexico's legislature just approved a bill to require all police officers in the state to wear body cameras. The bill was sent to the governor for her signature. The U.S. Senate is also preparing to debate a national police reform measure this week.
Axon Enterprise virtually owns the police body cam market with 47 out of 69 major U.S. cities using its cameras. Departments in New York, Los Angeles, Chicago, and Philadelphia all use Axon body cams. No other competitor comes close, with second place Motorola Solutions supplying just seven major cities.
In the current charged environment, body cameras are increasingly seen as de rigueur equipment for police officers to protect both the public and the officer. In the first quarter, Axon's sensors segment revenue grew 41% year over year due to strong demand for its new Axon Body 3 camera.