Shares of gun makers tumbled again on Monday as recent government data and analyst comments worried investors about a drop in demand.

Smith & Wesson Holding Corp.’s stock US:SWHC slumped 4.9% in midday trade, which put it on course to close at a 4-month low. Volume of about 2.5 million shares at 1 p.m. Eastern was already nearly double the full-day average over the past 30 days of 1.3 million shares, according to FactSet.

Sturm, Ruger & Co. Inc.’s RGR, +0.11% slumped 6.3%, also toward a four-month low, on volume that was more than double the full-day average.

The selloffs follow data released Friday by the Federal Bureau of Investigation, which showed background checks related to firearm sales in May rose 18% from a year ago, but fell to an eight-month low of 1.87 million.

On Friday, shares of Smith & Wesson slid 7.1% and Sturm, Ruger shed 4.8%.

Shares of Vista Outdoor Inc. VSTO, -0.21% , which makes ammunition and long guns and related equipment, fell 2.9%, after losing 2.4% on Friday.

FactSet

Ruttenbur downgraded Sturm, Ruger to hold from buy on Monday, citing indications that consumer demand for firearms was slowing. He removed his stock price target of $80, which was 24% above Friday’s closing price of $64.28.

Besides the fact the background checks data was well below his expectations, Ruttenbur said recent conversations with a leading supplier about component orders to firearms makers suggests a “meaningful drop in order activity from manufacturers” occurred in the last half of May.

“As a result of these factors, we believe we are seeing the start of a slowdown in the industry,” Ruttenbur wrote in a note to clients.

Smith & Wesson and ARC Group Worldwide Inc. ARCW, , which said in the filing of its 2015 annual report that it derived a “significant portion” of its sales from firearm manufacturers, didn’t immediately respond to requests for comment.