Digital Ally, Inc. (NASDAQ:DGLY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.

According to Zacks, “Digital Ally was created to supply technology based products to the law enforcement and security industry. While their main concentration is in the development and application of new concepts, they also recognize the value of retrofitting existing installations with cost-effective digital sub-systems. This flexibility allows to compete in established markets as they simultaneously promote the industry’s transition towards advanced technologies. “

Several other equities research analysts have also commented on DGLY. Westpark Capital set a $9.00 price target on shares of Digital Ally and gave the company a “buy” rating in a report on Monday, May 1st. ValuEngine upgraded shares of Digital Ally from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 17th. Finally, Maxim Group set a $9.00 price objective on shares of Digital Ally and gave the stock a “buy” rating in a research note on Tuesday.

Digital Ally (DGLY) traded down 1.47% during mid-day trading on Friday, reaching $3.35. 51,382 shares of the company’s stock traded hands. Digital Ally has a one year low of $2.70 and a one year high of $6.75. The firm’s market cap is $19.02 million. The firm’s 50-day moving average price is $3.47 and its 200 day moving average price is $4.01.

Digital Ally (NASDAQ:DGLY) last posted its quarterly earnings results on Monday, August 14th. The scientific and technical instruments company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.24) by $0.17. Digital Ally had a negative net margin of 72.07% and a negative return on equity of 148.01%. The business had revenue of $3.50 million during the quarter, compared to the consensus estimate of $4.95 million. During the same quarter in the prior year, the firm posted ($0.54) EPS. The company’s revenue for the quarter was down 20.5% compared to the same quarter last year. On average, equities analysts forecast that Digital Ally will post ($1.04) EPS for the current year.

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An institutional investor recently raised its position in Digital Ally stock. Wells Fargo & Company MN increased its position in shares of Digital Ally, Inc. (NASDAQ:DGLY) by 3.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,617 shares of the scientific and technical instruments company’s stock after buying an additional 1,283 shares during the period. Wells Fargo & Company MN owned approximately 0.64% of Digital Ally worth $157,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 6.57% of the company’s stock.

About Digital Ally

Digital Ally, Inc produces digital video imaging and storage products for use in law enforcement, security and commercial applications. The Company’s products include in-car digital video/audio recorder contained in a rear-view mirror for use in law enforcement and commercial fleets; a system that provides its law enforcement customers with audio/video surveillance from multiple vantage points and hands-free automatic activation of body-worn cameras and in-car video systems; a weather-resistant mobile digital video recording system for use on motorcycles, all-terrain vehicles (ATVs) and boats; a miniature digital video system designed to be worn on an individual’s body, and a hand-held laser speed detection device that it offers primarily to law enforcement agencies.

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