Shares of american firearm manufacturing company Ruger (NYSE:RGR) jumped 5.4% in the afternoon session after Florida's Attorney General confirmed that the open carry of firearms is now legal in the state following a recent court ruling.

The confirmation from Attorney General James Uthmeier came after the 1st District Court of Appeal struck down the state's longstanding ban on openly carrying firearms as unconstitutional on September 10. Uthmeier has since issued guidance to law enforcement and prosecutors, telling them to stop enforcing the decades-old prohibition. This significant legal development in a large state like Florida is viewed positively by investors, as it could potentially lead to increased demand for firearms, directly benefiting manufacturers such as Ruger.

After the initial pop the shares cooled down to $39.57, up 4.5% from previous close.

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Ruger’s shares are not very volatile and have only had 4 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 5 months ago when the stock dropped 12% on the news that the company reported weak first quarter 2025 results which included a significant revenue miss and EBITDA falling short of Wall Street's estimates. Overall, this quarter could have been better.

Ruger is up 13.5% since the beginning of the year, and at $39.57 per share, it is trading close to its 52-week high of $42.48 from October 2024. Investors who bought $1,000 worth of Ruger’s shares 5 years ago would now be looking at an investment worth $639.41.

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