Digital Ally, Inc. (NASDAQ:DGLY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $2.50 target price on the scientific and technical instruments company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 28.21% from the company’s previous close.

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. “

Other equities analysts have also recently issued research reports about the company. Westpark Capital set a $8.00 price target on Digital Ally and gave the company a “buy” rating in a research report on Friday, October 20th. Maxim Group restated a “buy” rating and issued a $9.00 price target on shares of Digital Ally in a research report on Friday, October 20th. Finally, ValuEngine cut Digital Ally from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st.

Shares of Digital Ally (NASDAQ:DGLY) traded down 13.33% on Wednesday, hitting $1.95. The stock had a trading volume of 302,859 shares. The company’s market cap is $11.07 million. The stock has a 50 day moving average price of $2.56 and a 200-day moving average price of $3.35. Digital Ally has a 12-month low of $1.95 and a 12-month high of $6.25.

Digital Ally (NASDAQ:DGLY) last posted its earnings results on Monday, August 14th. The scientific and technical instruments company reported ($0.41) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.24) by ($0.17). Digital Ally had a negative return on equity of 148.01% and a negative net margin of 72.07%. The firm had revenue of $3.50 million for the quarter, compared to analyst estimates of $4.95 million. During the same quarter last year, the firm posted ($0.54) EPS. The firm’s revenue for the quarter was down 20.5% on a year-over-year basis. On average, equities analysts expect that Digital Ally will post ($1.31) earnings per share for the current year.

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A hedge fund recently raised its stake in Digital Ally stock. Wells Fargo & Company MN grew its holdings in shares of Digital Ally, Inc. (NASDAQ:DGLY) by 3.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,617 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,283 shares during the period. Wells Fargo & Company MN owned approximately 0.64% of Digital Ally worth $157,000 at the end of the most recent reporting period. 4.22% of the stock is currently owned by hedge funds and other institutional investors.

Digital Ally Company Profile

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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