Published on : Aug 26, 2014
Amid the heated topic of the fatal shooting of an unarmed teenager by a Police officer in Missouri, there is one company that has inadvertently benefitted from the case.
Digital Ally Inc., a company that manufactures wearable cameras, observed a surge of nearly 80% in its shares. Company’s shares rose to $14.25 on Monday as the shooting case fueled an added demand for the company’s wearable cameras, which are as minute as can be pinned on eyeglasses, belts or shirts.
More than 24 million shares of the company were traded on Monday making it one of the heaviest traded stocks on Nasdaq. The company has not seen such a surge since October 2013. The shares closed at $12.50, nearly 57% higher than the earlier day.
The public fury caused due to the fatal police shooting of Michael Brown, an 18-year-old black teenager in Ferguson, Missouri, has led an increasingly growing crowd to sign a petition requiring the police to wear video cameras on duty.
This has correspondingly added fuel to the shares of Digital Ally Inc., which is a major producer of such surveillance cameras. The extremely compact cameras produced by the company sell for $795 each.
The company has stated that it has observed a huge rush in enquiries for its products in the past week because of the civil unrest stirring in Fergusson over the shooting of Michael Brown.
Analysts estimate that the market of wearable video cameras is of nearly $500 million. Although the sales of such cameras accounted for only 9% revenues from Digital Ally\'s total sales in June this year, sales are expected to rise substantially due to the rising pressure on finding ways for holding law enforcement officials accountable for unjust acts.