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Digital Ally (NASDAQ:DGLY) Continues to Trend Higher: Soars 23% in a Week

Ash K , , , ,

Advanced video recording products and critical safety products manufacturing company Digital Ally (NASDAQ:DGLY) has been in considerable focus among investors in recent days.

Market Stats

On Wednesday, DGLY stock surged 12.70% at $1.42 with more than 6.49 million shares, compared to its average volume of 1.23 million shares. The stock has moved within a range of $1.2400 – 1.4300 after opening trading at $1.32.

Quarterly Earnings Recap

The company’s stock experienced heavy action on Wednesday and ended the day with gains of 13%. That took its gains for the past week to as much as 23%. Yesterday, the stock was in focus after the company announced its financial results for the third fiscal quarter of 2021. In this situation, it might be a good idea for investors to take a closer look at some of the key highlights from the results.

In the third fiscal quarter, the company managed to generated revenues of as much as $4,639,822 and that reflected a year on year rise of as much as 29% from the prior year revenues of $3,588,640. That was a significant rise in revenues and may have led to considerable enthusiasm among investors.

In this regard, it is perhaps also necessary to point out that in the third quarter Digital Ally had also managed to complete the formation of a new fully owned subsidiary company named TicketMaster Inc. It is a ticket resale marketplace and marks the entry of Digital Ally in a new industry.

Key Quote

Stanton E. Ross, Chief Executive Officer of Digital Ally, stated, “We are very pleased to report a 29% increase in total revenues for the third quarter of 2021 as compared to 2020. Importantly, we were able to report improvements in revenue and net income margin regardless of the challenges to our legacy business caused by the COVID-19 pandemic during 2021 and 2020. Additionally, we are happy to report our earnings per share of $0.16 for the three months ended September 30, 2021, a great improvement in comparison to the third quarter of 2020.

Traders Corner

DGLY stock is trading above the 20-Day and 50-Day Moving averages of $1.24 and $1.23 respectively. However, the stock is trading below the 200-Day moving average of $1.64. The stock is up 27% in the past month.