Shares in Dogness (International) Corp. (Nasdaq: DOGZ) jumped as much as 36% Thursday on its announcement of the company’s online sales in China surging 24 times in 2020.
The Chinese company, now based in Texas, attributed the strong growth to its smart pet product segment, which boomed during the coronavirus pandemic.
According to Silong Chen, the chairman and chief executive officer of Dogness, the company is “far outpacing the overall market,” and is a “leading brand for pet parents seeking innovative, high-quality products.”
The company said it is committed to investing in research and development and debuting new pet products to the market. Just recently, the company launched its Dogness Smart GPS Pet Tracker, in what it describes as “the next generation of smart pet tracking.” It expects to begin delivering the product in the second quarter.
“To meet the ongoing market expansion, we will be investing in and adding further automation to our production and logistics, as we seek to improve efficiency and order delivery capabilities,” Chen said.
He added, “At the same time, we are accelerating the development of products at our state-of-the-art R&D center, which opened in Dongguan last year.”
Earlier this year, Dogness raised $7.4 million through a follow-on share sale.
While Dogness’ stock has been volatile this year, the company has been on a solid winning streak. Currently, the stock is on track to close higher for the sixth straight trading session.