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Gun stocks were largely unaffected Monday by a record August for National Instant Criminal Background Check System (NICS) data, an indicator that has moved the market in previous years.
There were 1,925,146 FBI background checks for the month of August.
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Shares of American Outdoor Brands Corp (NASDAQ:AOBC), still reeling from a big quarterly earnings miss, were off 2.69 percent at $13.55 at last check. Sturm Ruger & Company Inc (NYSE:RGR) was up 1.3 percent at $46.85.
Past Indicators Had Impact On Shares
The market was unmoved by the jump in background checks, which were up compared to the previous high of 1,853,815 in August 2016. While that number represented a new August record in 2016, it also marked the first time in the history of NICS data that checks declined month-over-month in August. There were 2,197,169 total checks in July last year.
The August 2017 numbers, however, were the best this year since May's 1,942,677.
Gun stocks were on the move amid escalating tensions between law enforcement and the public, as well as mass public shootings. A Wedbush analyst said last November a Donald Trump presidency would be a net-negative for the gun industry as it would eliminate any realistic fear of gun regulation.
American Outdoor's stock climbed about 110 percent throughout 2015 and 2016, but is down more than 30 percent over the last year.
In similar fashion, Sturm Ruger's stock saw a 50-percent runup in the comparable two-year period, and is down 18 percent over the last year.
Related Link:
Analyst Initiates Coverage Of American Outdoor Brands With A Buy
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.