Shares of TASER Tank After Losing NYPD Contract Bid

TASER share fell more than 10% on Monday after the company lost an NYPD contract to rival Vivue.
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TASER International (TASR) shares tanked Monday following a New York Daily News report that the NYPD reached a multyear, $6 million deal to purchase body cams from TASER rival Vievu. The body camera market has exploded in recent months, amid national calls for increased police accountability, sending shares of portable camera makers like TASER International soaring. Vievu will supply the country's largest police force with 1,000 body cameras, as well as tech support. Following word of the deal, TASER was downgraded to Neutral from Buy by analysts at Ladenburg Thalmann.

This article was written by a staff member of TheStreet.