The shares of leading manufacturer of construction tools and resources company ToughBuilt (TBLT) gained significantly last week on investor optimism about the company’s triple-digit gross sales growth through Amazon.com (NASDAQ:AMZN). However, given the challenges that the construction industry is currently facing, will the stock be able to maintain its momentum in the near term? Let’s discuss.ToughBuilt Industries, Inc. (NASDAQ:TBLT) develops home improvement and construction products under the TOUGHBUILT brand. Its stock gained 35.5% last week, driven by its 118% year-over-year increase in gross sales through Amazon.com, Inc. (AMZN) in the first half of 2021.
However, its shares have slumped 11.1% year-to-date and 21.3% over the past three months. This decline can be primarily attributed to a substantial loss reported by the company in the first quarter of 2021.
TBLT’s stock is currently trading 60.4% below its all-time high of $1.78, indicating short-term bearishness. In addition, TBLT is currently trading below its 50-day and 200-day moving averages of $0.76 and $0.91, respectively, which indicates a downtrend.