ToughBuilt Industries Inc. (NASDAQ:TBLT) Stock Is All Set To Gap Up: Here is Why
ToughBuilt Industries Inc. (NASDAQ:TBLT) jumped 58% pre-market following the announcement that the company’s gross sales via Amazon.com marketplace had grown 118% to around $5.48 million in 1H 2021, more than $2.51 million reported 1H 2020. The company’s CEO, Michael Panosian, said that the momentum the company is experienced for its Amazon.com sales during the first half shows the growing strength of ToughBuilt’s brand across its product lines with DIY and professional builders in North America. He added that the company’s online presence extends to Mexico and Canada, with US ales growing considerably.
Recently, the company released its fiscal 2020 annual results in which revenue was up 106% to around $39 million. Panosian said that the company had shown strong fundamentals thanks to its customer relations, execution team, R&D commitment, continued client service, and balance sheet. In addition, he said that the company is bolstering its inventory at the same time refining its research and development investment to deliver a range of equipment and products serving customers. So, in the coming months, TBLT is a stock to watch.
Market Reaction:
On Thursday, TBLT stock went down 1.50% at $0.72 with more than 16.45 million shares, compared to its average volume of 2.62 million shares. The stock had moved within a range of $ 0.7000 – 0.7270 after opening the trade at $0.7050. Over the past 52-week, the stock has been trading within a range of $0.5900 – 1.7800. In the pre-market session, the stock is up 58% to $1.14.
