ToughBuilt Industries, Inc. (TBLT) Stock Moving Up 9% in Premarket, Here’s the Reason

 ToughBuilt Industries, Inc. (TBLT), a company that designs, develops, manufactures, and distributes home improvement and construction products, has gained an increase of 9% in the premarket trading session. Consequently, TBLT stock is trading at $0.42 at the time of the writing. The increase could be attributed to the CEO’s buying of the company’s stock. On Thursday, TBLT closed the day at $0.39 after declining 3.65% during regular trading hours.

Why TBLT Rising?

In the late hours of Thursday, news came out that the CEO and President of TBLT, Michael Panosian has brought 263,365 shares of the company. The shares were brought at the average price of $0.38 a share. The total amount for this share purchase was $100,079. As the news started circulating, the share price of TBLT is seeing an upward trend.

Q3 2021 Operational Results

On 15th November, TBLT released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated revenues of $17.2 million during the period against $16.7 million for the same period of 2020. The operating expenses for the quarter were $16.9 million against $6.5 million for the same quarter of 2020. The net loss attributable to the common stockholders for the three months was $11.4 million (or $0.09 per basic and diluted share) against a net income of $121,000 for the same period of 2020.

Executive Commentary

Chief Executive Officer of TBLT, Michael Panosian, while commenting on the results said that the company has achieved record sales during the quarter. The increased sales are driven by the broad demand for the company’s portfolio of products, international expansion and other factors. Looking forward, the company is expecting revenue growth of 77 to 87% during the fiscal year 2021.

Future Outlook for TBLT

During the last six months, TBLT stock has declined more than 50%, primarily due to the uncertainty associated with the company’s business in the form of the COVID-19 pandemic. Analysts, however, believe that the stock has the potential to attract long term investment from investors. Hence, investors should keep a close eye on the stock.