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Here's Why Smith & Wesson (SWHC) Stock Plunged Today

Madeleine Johnson
Updated

On Monday, shares of firearm manufacturer Smith & Wesson Holding Corp SWHC closed the day down almost 18% to $22.79 per share after three different Wall Street firms downgraded the company.

BB&T Capital downgraded SWHC stock from “Buy” to “Hold” on a valuation basis as well as insider buying slowdown. "As a result of increased consumer demand, SWHC was stripped off its majority inventory. While the company continues to try to maintain pace with the increased demand, it has been forced to rely more heavily on outsourced production," analyst Brian Ruttenbur wrote in a note.

Cowen & Co similarly cut its rating from “Outperform” to “Market Perform” with a price target of $29 per share, citing slowing data from the National Instant Criminal Background System (NICS) during March.

Like its peers, investment bank C.L. King lowered downgraded its rating for Smith & Wesson to “Neutral” from “Buy.”

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