SWBI - Firearm background checks bounce higher sequentially in March

2023-04-03 15:33:45 ET

Firearm background checks fell 1.64% year-over-year in March to 3,036,667, per tracking from the FBI's National Instant Criminal Background Check System. Background checks were up 19% from the level in February and about 17% from the level in January. Texas had the most handgun permit background checks during the month followed by Pennsylvania and California.

Firearm background checks peaked in 2020 before falling in 2021 and 2022.

Elsewhere in the firearms sector, Florida Governor Ron DeSantis signed a measure on Monday to allow residents in the state to carry guns without a state permit. Florida is the 26th state to allow residents to carry concealed weapons without a permit. In North Carolina, gun ship owners have reported a spike in business following the decision of legislators to scrap the permit requirement to buy pistols in the state.

On watch: Smith & Wesson ( SWBI ) -1.38% , Sturm Ruger & Company ( NYSE: RGR ) +0.1% , Vista Outdoor ( VSTO ) -1.80% , Sportsman's Warehouse ( SPWH ) -0.20% , Ammo ( POWW ) +2.55% , and Olin Corporation ( OLN ) +1.7% .

The Seeking Alpha Quant Rating on Sturm, Ruger ( RGR ) recently bounced back up to Buy from Hold.

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