On Thursday, shares of gun makers are still slumping after Donald Trump’s stunning presidential victory earlier this week. While many sectors rallied in the wake of the Republican candidate’s win, others, like guns, saw investor hesitation take effect almost immediately.

Sturm Ruger & Co. (RGR Quick QuoteRGR - Free Report) , one of the biggest firearms manufacturer in the U.S., closed the day Wednesday down 14.5%, and today, the stock is still falling, down over 9.5% to $49.90 per share in midday trading.

Top rival Smith & Wesson , too, is seeing its stock drop as a result of the presidential election outcome. SWHC closed the day yesterday down 15%. Like Sturm Ruger, Smith & Wesson is slumping again today, down almost 5% to $22.96 per share in midday trading.

Analysts and investors think that with a Trump presidency, potential gun buyers are more confident in the protection of gun-carry laws, and the desire to rush out and buy a firearm has settled down, leading to a drop in stock price.

Earlier this year, especially after gun-related tragedies, gun sales ticked upwards when President Obama and other lawmakers called for the tightening of gun-control laws throughout the country. That “buy ‘em all while you still can” mentality has definitely driven gun sales recently, sending stocks like RGR and SWHC soaring.

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