Axon Enterprise, Inc. (AXON) saw its stock price plummet 6.02% during intraday trading on Monday, extending a recent decline from post-earnings highs.

The sharp drop followed news that Argus significantly reduced its price target on Axon to $460 from $620. Additionally, Morgan Stanley also cut its price target on the stock, lowering it to $600 from $675 while maintaining an Overweight rating. These analyst actions contributed to negative sentiment toward the stock.

The selloff represents continued profit-taking after the company reported strong first-quarter results earlier in the month, with revenue surging 33.7% year-over-year to $807 million and earnings beating estimates. Despite the positive earnings, investors appear to be taking profits amid the reduced price targets from major analysts.