Westpark Capital analyst Ishfaque Faruk maintained a Buy rating on Digital Ally (NASDAQ: DGLY) today and set a price target of $5. The company’s shares opened today at $4.60, close to its 52-week high of $4.95.
Faruk noted:
“We remain encouraged by these developments, as we view them as validation of the strength DGLY’s intellectual property. We trim our estimates marginally, as the patent infringement cases have been impacting the company’s topline estimates. However, we remain upbeat on the company’s prospects. We maintain our $5 PT.”
According to TipRanks.com, Faruk is ranked #3850 out of 4876 analysts.
Currently, the analyst consensus on Digital Ally is a Moderate Buy with an average price target of $5.
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Based on Digital Ally’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $2.96 million. In comparison, last year the company had a GAAP net loss of $2.33 million.
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Digital Ally, Inc. engages in designing and manufacturing of digital technology. It produces digital video imaging and storage products for use in law enforcement, fire, emergency medical services, security, and commercial fleet industries. its products include in-car digital video or audio recorder contained in a rear-view mirror for use in law enforcement and commercial fleets, a system that provides law enforcement customers with audio or video surveillance from multiple vantage points and automatic activation of body-worn cameras and in-car video systems; a miniature digital video system designed to be worn on an individual’s body; and cloud storage solutions including cloud-based fleet management, and driver monitoring or training applications. The company was founded on December 13, 2000 and is headquartered in Lenexa, KS.
