Digital Ally's Body Cam Service Could Be Its Ticket Higher
Digital Ally Inc. (NASDAQ: DGLY) shares jumped to start the week after the company announced that it would be launching a body camera subscription program for police and other first responder personnel. This service is largely being driven by higher demand as a result of the civil unrest across the country.
Ultimately, Digital Ally determined that many departments do not have adequate funding for video evidence technology. So, this new subscription program will not only provide an opportunity to pay off the units over time, but in many cases, will offer packages that require no down payment.
The program currently features Digital Ally’s lightweight, weather-resistant FirstVu Body Camera with Mini Dock. However, there will be several subscription packages available, with versatility to match a department’s unique needs for additional products and services.
Current events, including protests and riots across the country, have demonstrated the need for body cameras on police and other law enforcement personnel. Body cameras and in-car video systems have become more common in the past decade since the unrest in Ferguson, Missouri. The company claims that there are still hundreds, if not thousands, of departments that do not have this technology at their disposal.
Stan Ross, CEO of Digital Ally, commented:
We’re thrilled to be in the strong financial position necessary to be able to offer this program. Body cameras are critically important to the safety and security of all concerned and we can’t let restricted funding get in the way of outfitting law enforcement, military and first responders with this technology.
Excluding Monday’s move, Digital Ally stock had outperformed the S&P 500 and Dow Jones industrial average with a gain of 149% year to date. In the past 52 weeks, the share price was actually down 6%.
Digital Ally stock traded 42% at $3.60 early Monday, in a 52-week range of $0.64 to $4.10.