NEW YORK (TheStreet) -- Shares of Digital Ally Inc. (DGLY) are soaring, up 18.54% to $13.62 in pre-market trading, after the digital video company received its first purchase order under a newly extended contract valued at more than $1.1 million from the Michigan state police.
The order is expected to ship in the quarter ending September 30.
The value of the contract awarded to Digital Ally now totals $6.5 million, including the original three year contract plus the two extensions that are now in effect.
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Digital Ally develops, manufactures and markets advanced video surveillance products for law enforcement, homeland security and commercial applications.
Separately, TheStreet Ratings team rates DIGITAL ALLY INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate DIGITAL ALLY INC (DGLY) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: