Shares of Smith & Wesson Brands took a hit after the company's update on gun demand.
reported a record high of 39.7 million firearm background checks in 2020 and 38.9 million firearm background checks in 2021. In the first two months of 2022, approximately 5.15 million background checks for firearms were conducted compared to 7.76 million firearm background checks during the first two months in 2021.
In this Jan. 19, 2016, file photo, handguns are displayed at the Smith & Wesson booth at the Shooting, Hunting and Outdoor Trade Show in Las Vegas.Friday that there were steeper declines in the long gun category than in handguns. However, there were sharply lower volumes in polymer-frame pistols versus a year ago, partially offset by revolvers, which remain in high demand.
The brand campaigns for the 10 mm M&P reached over 3 million customers in its first day, while the CSX pistol, Volunteer rifle series and 30 Super Carry ammunition reached over 3 million customers during the first week. Since March 2020, Smith & Wesson's manufacturing team has increased production by over 82%.
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