It’s been an eventful year for Byrna Technologies (BYRN), a stock that first caught my attention a year ago or so.
You might have first heard me mention it all the way back in January.
What started as a casual recommendation has grown into a story of strong performance, shifting support levels, and evolving growth potential.
Let’s take a look back at what I have been saying about BYRN throughout the year and where things stand today.
The Stock That Stood Out at $7
My initial discovery of BYRN came from a very personal place — my wife’s interest in their flagship product, a non-lethal self-defense gun.
Seeing the practical appeal of the product, especially for folks who might be hesitant to carry a traditional firearm, I started digging into the company.
What I found was a small, growing business with a product that I believed could resonate with a wide audience.
At the time of my recommendation in January, BYRN was trading around $7.
The stock quickly climbed to $15, delivering over a 200% return.
But, as I’ll often say, no stock goes up in a straight line.
After that initial rally, BYRN pulled back to $10, presenting what I called another strong buying opportunity — as long as it held above $9.
Evolving Support Levels: From Resistance to Strength
Fast forward to today, and BYRN has reached new heights.
After peaking just over $22 at the start of last week, the stock has now pulled back to roughly the $19 range.
The way I’m seeing it, the stock has solid support in the $17-$18 range — a level that previously served as resistance earlier in the year.
This shift is a textbook example of how key levels that once provided resistance, could shift and become support levels once the stock breaks through them.
As the stock consolidates at or slightly above this range, I believe the stock is still a good buy.
After all, all the factors that led me to put this stock on my radar are still there:
- Expanding Markets: From signing a deal with the Argentinian police to broadening its appeal to individual consumers, BYRN is steadily growing its footprint.
- Product Appeal: Non-lethal self-defense is a growing market, and BYRN’s flagship product has carved out a niche, appealing to private citizens and law enforcement alike.
- Strong Fundamentals: Despite fluctuations, the company has typically outperformed expectations over the past year.
A Look Ahead: Long-Term Potential
My long-term price target for BYRN remains unchanged at $25-$30.
Don’t let the current consolidation fool you. It’s normal for a stock to take a healthy pause after a strong rally before it continues on to higher highs.
Whether you’re already in the stock or considering an entry, BYRN’s story is far from over.
Stay tuned.
— Geof Smith
P.S. Last year, I said this would be the year that gold surges… and it’s more than lived up to that promise. Now my research has uncovered another huge opportunity and I believe it could be the breakout stock for 2025…
