Shares of Ammo Inc. POWW gained 0.7% in premarket trading Tuesday, after the online marketplace for the firearms and shooting sports industries said it would extend its share repurchase program until February 2024. The program is for up to $30 million worth of its stock, which represents 14.5% of the company’s market capitalization of about $207.4 million as of Monday’s close. Among others in the firearms business, shares of Smith & Wesson Brands Inc. SWBI edged up 0.7% and of Sturm Ruger & Co. RGR were indicated up about 1% ahead of the open. The stocks’ gains come as President Joe Biden urged Congress to take actions on gun control in response to a shooting at an elementary school in Nashville. Industry experts have said the regulatory environment is often the biggest driver of demand for guns, as the threat of increased regulations tend to spur stock-up buying. Meanwhile, futures ES00 for the S&P 500 SPX fell 0.2% ahead of Tuesday’s open.
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