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The Biden administration has put out initial actions to tackle gun violence in the United States.
What Happened: SOn Thursday, six initial actions were put in place by the Biden-Harris administration. The president is also calling on Congress to pass legislation to close loopholes in the background check system and push further gun violence regulation.
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“Gun violence in this country is an epidemic and it is an international embarrassment,” Biden said in a speech.
Plans call for the Justice Department to issue proposed rules on "ghost guns," push against stabilizing braces that turn pistols into short-barreled rifles, pass red flag laws that allow family members to petition court from barring people in crisis from accessing firearms and annual reports to be issued.
The administration will also push for community violence interventions and Biden plans to nominate a new director of the Bureau of Alcohol, Tobacco and Firearms.
Related Link: Gun, Security Stocks Surge As Protestors Storm US Capitol
Gun Stocks To Watch: Vista Outdoor (NYSE:VSTO) sold its firearms business in 2019, but still sells hunting and shooting accessories. Around 50% of the company’s revenue is from its ammunition business. Hunting and shooting accessories make up another 22% of company revenue.
Olin Corporation (NYSE:OLN) is the leading manufacturer of ammunition. The company also has business segments in the chemicals market. Fourth-quarter sales for the Winchester ammunition division were $340.6 million. The company began operating the Lake City U.S. Army Ammunition Plant in October that helped boost production.
Sturm, Ruger & Company Inc (NYSE:RGR) is a leader in the sale of pistols, revolvers and rifles. Fiscal 2020 sales for the company were up 39% year-over-year. Unit sales increased 44% year-over-year. The company credited an increase of 60% year-over-year in national background checks and increased consumer demand for firearms. New product lines were also credited with sales of $111 million or 22% of firearm sales in 2020 coming from new product launches over the last two years.
Smith & Wesson Brands Inc (NASDAQ:SWBI) is a leader in the pistols, revolvers and rifle segments. After spinning off American Outdoor Brands (NASDAQ:AOUT), the company is a pure-play public firearms company. Third-quarter sales were up 102.2% year-over-year to $257.6 million. In the first nine months of fiscal 2021, Smith & Wesson has delivered over 1.8 million units.
Ammo Inc (NASDAQ:POWW) is another stock to watch on increased gun legislation. Shares are up over 100% since Benzinga highlighted the stock in December. The company raised its first-quarter guidance recently and sees first-quarter revenue hitting $27 million, which would represent 178% year-over-year growth. The company is growing through the expansion of production facilities and acquired GunBroker.com to boost its business ventures.
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.