Why Ammo Stock Exploded 16% Higher Today

Shares of Ammo (NASDAQ: POWW) are up 16.1% as of noon EST today, after the ammunition manufacturer preannounced a "256% year-over-year increase in orders shipped" in fiscal Q3 2021.

Management added that "booked orders ... have now increased to a record setting $180 million as of February 1, 2021." And CEO Fred Wagenhals said Ammo is continuing to "strategically and effectively increase our order intake, manufacturing and shipping capacity in an effort to address the continuing escalating demand being received across all channels, as our record backlog continues to grow."

According to Wagenhals, Ammo sees "strong demand through all of 2021 and ... into 2022 for the US Commercial Market."

Source Fool.com