Gun merchants sold more than 2 million firearms in January, a 75% increase over the estimated 1.2 million guns sold in January 2020, according to the National Shooting Sports Federation, a firearms industry trade group.
The NSSF, which cross references reported background checks with actual sales figures to come up with its more-accurate, adjusted gun sales data, said three of the top 10 weeks for FBI instant criminal background checks came last month.
“They’re going to act while they can to be able to buy what they want,” Oliva told CNN Business. “It can’t be discounted that many of these background checks for the purchase of a firearm are attributed to threats by the Biden administration to enact the most radical and far-reaching gun control agenda ever proposed.”
“Valuations for both SWBI and RGR are at multi-year lows,” the investment firm wrote in one of its latest Chart of the Day reports. “These low multiples may well be warranted given that the gun manufacturers face a higher level of regulatory risk in the coming years with Democrats having full control in Washington.”
Oliva said ongoing fears of social unrest that began in 2020 also likely played a role in January’s record-setting sales figures.
“I think there’s still concerns for safety,” he said. “There’s people who fear they’re not going to be able to provide their own safety.”
Brandon Wexler, 51, owner of Wex Gunworks, in Delray Beach, Florida, said gun sales at his store have been “off the wall” since the pandemic began last March, but purchases peaked in early January when customers expressed anxiety about Biden’s inauguration.
“I think that there was fear of social unrest because of the supporters on both sides of the fence,” Wexler told CNN Business. “Fear increased demand. Demand increased sales.”
“Obviously, January was a pretty hectic month, so it’s understandable that the pace of background checks was so high,” Bespoke analysts wrote in their report. “While we would expect that pace to slow down in the months ahead, the way things have been in the last several months, who knows what the next several months will bring?”
Both Oliva and Wexler said they expect continued attempts to increase gun control will lead to continued increases in gun sales under Biden.
“Obama was the best gun salesman in the country,” Wexler said. “Covid was the next best. And now I think Joe Biden is going to be the ultimate gun salesman.”
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