Toughbuilt Industries (NASDAQ:TBLT) stock Closes Above $1: A Bullish Sign?

There was considerable action in the Toughbuilt Industries (NASDAQ:TBLT) stock on Friday after the company released its sales data from its operations on Amazon. The update from the company prompted many investors to pile on to the stock in a big way and it ended up recording gains of as much as 46%.

As per the information released by the company in a press release recently, its sales on Amazon stood at $5.48 million during the first half of this year. That is a considerable improvement from the first half of 2020 when the company managed to clock sales of $2.51 million on Amazon.

That represents a year on year rise of a massive 118% and hence, the rally in the stock is perfectly understandable. The Chief Executive Officer of the company Michael Panosian spoke about the performance as well.

He stated that the performance from Toughbuilt on Amazon during the first of this year is an indication that the company’s brand is a strong presence among professionals as well as DIY (do it yourself) builders across North America. He went on to state that the company is expanding its foot print even as it continues to strengthen its presence in Mexico and Canada.

Market Reaction:

On Friday, TBLT stock soared 45.75% at $1.05 with more than 208.86 million shares, compared to its average volume of 6.13 million shares. The stock had moved within a range of $1.0100 – 1.2500 after opening the trade at $1.02. Over the past 52-week, the stock has been trading within a range of $0.5900 – 1.7800.