Wearable Camera Maker Sees Fortunes Rise Since Ferguson Shooting

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/ Source: Reuters

A company that makes wearable cameras has seen business boom since last month's shooting of a black youth by a white police officer in Ferguson, Missouri. Digital Ally's shares rocketed 69 percent to $31.80 on the Nasdaq exchange on Tuesday, the first day of trading since CEO Stanton Ross said inquiries for its products had surged, especially from law enforcement agencies. Ross told the USA Today newspaper that "inquiries have increased five-fold, conservatively, since Ferguson," which would translate to a year-over-year sales increase of 26 percent. The company said it has received massive interest in the aftermath of the fatal shooting, with people viewing the wearable cameras as a means of making law enforcement more accountable. The disclosure helped fuel investors' bets on the stock, which has been on a tear. Since hitting a 52-week low of $3.03 on June 10, it has risen 866 percent, boosting its market value to $79 million from $8.2 million that day.


- Reuters