Stock Analysis

This Just In: Analysts Are Boosting Their Byrna Technologies Inc. (NASDAQ:BYRN) Outlook for This Year

Source: Shutterstock

Byrna Technologies Inc. (NASDAQ:BYRN) shareholders will have a reason to smile today, with the analysts making substantial upgrades to this year's statutory forecasts. The analysts greatly increased their revenue estimates, suggesting a stark improvement in business fundamentals. Byrna Technologies has also found favour with investors, with the stock up a remarkable 20% to US$12.05 over the past week. It will be interesting to see if today's upgrade is enough to propel the stock even higher.

After this upgrade, Byrna Technologies' three analysts are now forecasting revenues of US$57m in 2024. This would be a major 33% improvement in sales compared to the last 12 months. The loss per share is anticipated to greatly reduce in the near future, narrowing 44% to US$0.21. Yet before this consensus update, the analysts had been forecasting revenues of US$47m and losses of US$0.38 per share in 2024. We can see there's definitely been a change in sentiment in this update, with the analysts administering a sizeable upgrade to this year's revenue estimates, while at the same time reducing their loss estimates.

View our latest analysis for Byrna Technologies

NasdaqCM:BYRN Earnings and Revenue Growth February 21st 2024

It will come as no surprise to learn that the analysts have increased their price target for Byrna Technologies 37% to US$13.38 on the back of these upgrades.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Byrna Technologies' past performance and to peers in the same industry. We would highlight that Byrna Technologies' revenue growth is expected to slow, with the forecast 33% annualised growth rate until the end of 2024 being well below the historical 48% p.a. growth over the last five years. By way of comparison, the other companies in this industry with analyst coverage are forecast to grow their revenue at 6.5% annually. So it's pretty clear that, while Byrna Technologies' revenue growth is expected to slow, it's still expected to grow faster than the industry itself.

The Bottom Line

The most important thing here is that analysts reduced their loss per share estimates for this year, reflecting increased optimism around Byrna Technologies' prospects. They also upgraded their revenue estimates for this year, and sales are expected to grow faster than the wider market. With a serious upgrade to expectations and a rising price target, it might be time to take another look at Byrna Technologies.

Better yet, Byrna Technologies is expected to break-even soon - within the next few years - according to analyst forecasts, which would be a momentous event for shareholders. You can learn more about these forecasts, for free on our platform here.

Of course, seeing company management invest large sums of money in a stock can be just as useful as knowing whether analysts are upgrading their estimates. So you may also wish to search this free list of stocks that insiders are buying.

Valuation is complex, but we're helping make it simple.

Find out whether Byrna Technologies is potentially over or undervalued by checking out our comprehensive analysis, which includes fair value estimates, risks and warnings, dividends, insider transactions and financial health.

View the Free Analysis

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at)

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.