Digital Ally Inc (NASDAQ:DGLY) Stock Falls 12% in a Month: Here is Why

Video recording products manufacturer and developer Digital Ally Inc (NASDAQ:DGLY) was in focus among investors yesterday after the company announced its financial results for the second fiscal quarter.

The company is best known for its video recording products as well as a range of other safety items that are meant for law enforcement agencies, fleet safety purposes and for safeguarding events. Investors jumped on the stock on Wednesday and that saw the Digital Ally stock rising by as much as 5.5%. In the second fiscal quarter, the company managed to generate revenues of as much as $2,493,671 and that worked out to a year on year rise of as much as 44%.

One of the most important reasons behind the rise in revenues is the considerable rise in product revenues in the second quarter. Digital Ally managed to generate as much as $665,751 in product revenues in the second quarter and that reflected a year on year rise of as much as 63%. The DVM 800, EVO HD and FirstVu HD product lines were some of the best performing products during the second quarter. However, the lack of public events has hampered the company’s situational security and installation earnings.