U.S stocks are advancing vigorously today, spurred by stellar jobs data out of the country, which showed the largest monthly gain in the last eight months. The Dow Jones is up by approximately 200 points or 1.07%, while the S&P 500 has risen by 1.24%, with financial stocks acting as the locomotive.
Although gun and security stocks are holding the spotlight today after the Dallas shootings, there are other stocks that are surging as well. Let’s take a look at some of them and see what the hedge funds in our database think about each of them.
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Security Stocks Are Surging
TASER International, Inc. (NASDAQ:TASR) shares are up by nearly 7% today as a reaction to the Dallas shooting. This also seems to be the reason behind Digital Ally, Inc. (NASDAQ:DGLY)‘s rally, which is currently up by 52% from yesterday’s closing price. Digital Ally, Inc. (NASDAQ:DGLY) manufactures and sells audio and video systems and storage for law enforcement and commercial applications.
TASER International, Inc. (NASDAQ:TASR) meanwhile was recently upgraded by analysts at CL King. In a note to investors, the stock was awarded a ‘Buy’ rating, up from the previous ‘Neutral’ rating and given a price target of $32 per share. TASER manufactures and sells stun guns and body-worn cameras for law enforcement, and has a dominant position in both markets according to the firm’s research. CL King also pointed to the fact that the company has little exposure to foreign markets, thus giving it great growth potential. The firm also predicts “accelerating earnings growth and margin expansion going forward.” The Dallas shooting has helped push the stock higher, as investors expect an increase in demand for law enforcement equipment.
The popularity of TASER International, Inc. (NASDAQ:TASR) among the elite hedge funds that we track inched up during the first three months of 2016, residing in the portfolios of 11 funds. Brian Ashford-Russell and Tim Woolley’s Polar Capital reported ownership of 818,410 shares of TASER International in its latest quarterly filing, down by 1% from the end of 2015. Digital Ally, Inc. (NASDAQ:DGLY) was even less popular, as only one of the funds that we track had a stake in the company at the end of the first quarter. D E Shaw, founded by David E. Shaw, indicated ownership of 10,677 Digital Ally shares in its latest 13F filing.
Turn the page to take a look at three other stocks that have found themselves among today’s top gainers.