Alpha Pro Tech Ltd (NYSE: APT) was a top gainer in yesterday’s trading session. The stock gapped up to close with gains of 71.91%. This came after the company announced that it would fulfill orders for $14 million worth of face masks. This comes as the demand for face masks is expected to increase as cases of Coronavirus rise globally.
The company stated that it had booked about $14.1 million in orders for N-95 face masks since late January. It stated that this was an increase of $3.6 million from the $10. 4 million worth of orders that it had reported on the 13th of February 2020. Due to the increase in demand for the masks, the company stated that it was expecting to fulfill up to $4 million worth of orders within Q1 of 2020. The company further announced that it would fulfill the remainder of the $14 million in booked orders within Q2 of 2020. On top of that, the company announced that it was expecting to take new orders in Q2 of 2020. It further stated that the current increase in production is expected to be concluded by May 2020.
The company sells N-95 mask, a mask that filters over 95% of airborne impurities. Its design has a positive facial lock that meets the safety standards of the CDC. It also has a technology that makes it easy for the user to breathe, which adds to its popularity.
Looking at its price action, APT is gaining upside momentum. The stock gapped up and opened the day at $21. It then traded between a low of $16.35 and a high of $27.50 before closing the day at $25.25. Volumes in the day at 40.06 million.
About Alpha Pro Tech Ltd
Alpha Pro Tech Ltd is a manufacturer of disposable protective materials. It is headquartered in Markham, Canada.