Toughbuilt Industries (NASDAQ:TBLT) stock is soaring higher on Friday following an update concerning its sales data on Amazon (NASDAQ:AMZN).
According to a recent press release from the company, Toughbuilt Industries saw sales of $5.48 million on Amazon for the first half of 2021. That’s a massive 118% increase compared to its $2.51 million in Amazon sales for the first half of 2020.
Michael Panosian, CEO of Toughbuilt Industries, said the following about the news boosting TBLT stock higher today.
“The significant momentum of our Amazon.com sales in the first half of 2021 reflects the increasing strength of our brand across all product lines with professional and DIY builders throughout North America. As our online presence expands into Canada and Mexico, and US sales continue to increase, we are simultaneously expanding our geographic footprint and launching new SKUs to capitalize on the strong demand for our innovative designs and features.”
News of the incredible increase in sales on Amazon has TBLT stock experiencing heavier-than-normal trading volume this morning. As of this writing, more than 14.6 million shares of the penny stock have changed hands. That’s a hefty increase next to the company’s daily average trading volume of about 2.6 million shares.
Toughbuilt Industries is a company that develops, manufactures, and sells construction equipment. That includes products that are made for commercial use as well as by do-it-yourself customers.
TBLT stock was up 52.7% in pre-market trading on Friday morning.
Traders looking to dive into the most recent stock market news will want to keep reading!
There’s plenty of talk about this morning and InvestorPlace has it covered with our latest stock market coverage. That includes what retail traders are saying about Carver Bancorp (NASDAQ:CARV) today, our pre-market winners and losers, as well as an overview of yesterday’s biggest stories. You can check all of that out at the links below!
More Stock Market News for Friday
- CARV Stock: What Retail Investors Are Saying About New Short-Squeeze Target Carver Bancorp Today
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- What Did the Stock Market Do Today? 3 Big Stories to Catch Up On.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. Read More: Penny Stocks — How to Profit Without Getting Scammed
