The number of FBI background checks filed for gun permits, considered a leading indicator for sales, rose only 29% in February, according to historically adjusted data from the National Shooting Sports Foundation.
That compares with a 94% surge in January and a 58% increase in February.
But the more modest increase in background checks during February may have been due to the fact that retailers have been unable to meet demand, notes Cai von Rumohr, an analyst at Cowen and Company.
In a report published Tuesday, von Rumohr wrote that checks with gun retailers in five different locations across the nation showed that demand has far outstripped supply.
This suggests that gun sales and background checks in February "were restrained by severe shortages of inventory at retail rather than waning demand," von Rumohr wrote.