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Digital Ally $DGLY Stock Soars 48% After Government Contract Award

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Updated: 16 July 2020

Digital Ally Inc (NASDAQ:DGLY) shares have spiked 48% today after news broke that the company had been awarded a government contract of $12.1 million for body cameras.

The news was not widespread, but a US government website showing details of the contract has been circulated online.

On the website, it shows that the company will be paid a fixed amount of $12,117,820 for “radio and television communication equipment, except airborne.” The deal was signed on the 14th of July.

The company recently announced that it had received a notable purchase order from Danville Police Department for 26 FirstVu HD body cameras, 16 DVM-800 in-car systems and 23 VuLink auto-activation devices.

Regarding the Danville Police Department contract, the company’s CEO, Stan Ross, said: “We are proud to now provide the officers of Danville PD with our innovative technology.”

“The call for increased transparency between the public and police officers continues to be a driving force in the demand for body cams and in-car systems. We are confident our technology will aid in this increased transparency. Digital Ally looks forward to a great relationship with the Danville PD and the community it serves.”

The latest contract award helped to boost the company’s share price today after reaching highs earlier in June that had not been seen since 2016.

Approaching the close of the day, it is currently 48.08% higher, trading at $3.85 per share after retracing from highs of $4.43 earlier in the day. The $3.63 level is a key one to watch out for, and a close above may signal a further push higher.