The gun manufacturer Smith & Wesson’s share price reached an all-time high on Monday after it was reported that the background checks for new guns had set a new record for July.

Shortly after the FBI announced July’s figures on Monday afternoon, shares in the second largest gun manufacturer hit $30.59 each. Smith & Wesson’s shares closed the day at an all-time high of $30.36, up 3% for the day and beating a previous record high of $29.37 set in March.

Shares in Sturm Ruger, the US’s largest gun maker, also surged on the news, ending the day up 2%, at $69.40.

A total of 2,197,169 firearms background checks were processed last month, according to the National Instant Criminal Background Check System (NICS). That’s up from 1,600,832 background checks processed in July 2015 and 891,224 checks processed in July 2008, months before Barack Obama was elected president.

Firearms background checks are not the most accurate measure of gun sales, as not every background check results in a purchase. Additionally, multiple firearms can be purchased with one background check. The figure is, however, used to gauge the demand for firearms and the health of the market.

The demand for firearms in the US has been on the rise, fuelled by fears of a crackdown on ownership in the wake of a series of mass shootings. July was the 15th month in a row that a new record has been set for that particular time of the year. The all-time high was reached in December of 2015, right after the San Bernardino terrorist attack that left 14 dead and 22 injured. That month, 3,314,594 firearms background checks were performed.

Earlier this year, Smith & Wesson announced that its annual profits reached $293.8m, a 50% increase on last year’s figures. Smith & Wesson’s sales have risen more than 200% since Obama was elected president.