Digital Ally DGLY extended its gains Tuesday, opening up 24 percent fueled in part by takeover talk stirred earlier by its chief executive.
Digital Ally Chief Executive Stanton Ross told Reuters Monday that the company had been receiving buyout offers "all the time." Reuters said Ross declined to offer details "until a commitment letter had been signed."
The company, with a market capitalization of just $43 million and 2013 sales of $17.8 million, had its shares gain more than 240 percent in the past five trading days on speculation that it will benefit from a growing interest from law enforcement agencies for body mounted police cameras.
The interest is supposedly related to civil unrest in Ferguson, Missouri.
Taser International TASR, with a market cap of $837 million and sales of $137.8 million last year, also makes police body cams in addition to its relatively better-known stun guns. Taser has recently seen its shares rise by a much more modest 15 percent.
Despite recent market drama, neither company's financial performance has been stellar recently, with both exhibiting choppy sales and income in quarterly reports over the past year.
Digital traded recently at $15.55, up 24.4 percent; Taser was trading at $15.82, down 0.82 percent.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
