Shares of gun makers rallied Monday, in the wake of what has been described as the deadliest mass shooting on U.S. soil.

Smith & Wesson parent American Outdoor Brands Corp.’s stock AOBC, + 4.26% jumped 3.8% in midday trade toward a three-week high, Sturm, Ruger & Co. Inc. shares RGR, + 3.98%  climbed 3.9% and Vista Outdoor Inc. shares VSTO, + 3.10%  ran up 3.0% toward a 6-week high.

Analysts say the regulatory environment is among the biggest drivers of demand for guns, as fears of tighter regulation have boosted gun sales and share prices in the past. Since President Trump was elected, however, fears of tighter regulations have faded and share prices have dropped.

American Outdoor’s stock had tumbled 46% since the election through Friday, and closed at a 2 ½-year low of $13.31 as recently as Sept. 11. Sturm, Ruger shares had shed 20% since the election, and had also hit a roughly 2 ½-year low in September. Vista Outdoor’s stock, which hit a record low in April, had plunged 40% since the election.

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