Daktronics (NASDAQ:DAKT) Shares Down 6% – What’s Next?

Daktronics, Inc. (NASDAQ:DAKT)’s share price traded down 6% during mid-day trading on Wednesday . The stock traded as low as $17.80 and last traded at $17.3510. 57,888 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 441,512 shares. The stock had previously closed at $18.45.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Wall Street Zen upgraded shares of Daktronics from a “buy” rating to a “strong-buy” rating in a research note on Sunday, September 14th. Weiss Ratings reissued a “hold (c-)” rating on shares of Daktronics in a research note on Monday. Finally, Zacks Research cut shares of Daktronics from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $26.00.

Daktronics Stock Up 0.1%

The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $847.58 million, a PE ratio of 29.97, a PEG ratio of 0.55 and a beta of 1.72. The company’s 50 day moving average is $19.27 and its two-hundred day moving average is $17.62.

Daktronics (NASDAQ:DAKT) last announced its quarterly earnings results on Wednesday, September 10th. The technology company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.24 by $0.09. The business had revenue of $218.97 million for the quarter, compared to analysts’ expectations of $196.90 million. Daktronics had a net margin of 1.51% and a return on equity of 14.64%. On average, analysts anticipate that Daktronics, Inc. will post 0.96 earnings per share for the current year.

Insider Activity at Daktronics

In related news, Director John Patrick Friel sold 13,479 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $23.58, for a total transaction of $317,834.82. Following the sale, the director owned 74,094 shares of the company’s stock, valued at $1,747,136.52. This represents a 15.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Carla S. Gatzke sold 9,944 shares of Daktronics stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $23.09, for a total transaction of $229,606.96. Following the completion of the transaction, the vice president directly owned 721,036 shares of the company’s stock, valued at $16,648,721.24. The trade was a 1.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Alta Fox Capital Management LLC increased its stake in Daktronics by 94.3% during the first quarter. Alta Fox Capital Management LLC now owns 5,973,599 shares of the technology company’s stock worth $72,758,000 after acquiring an additional 2,899,263 shares during the last quarter. Breach Inlet Capital Management LLC increased its position in shares of Daktronics by 82.6% during the 1st quarter. Breach Inlet Capital Management LLC now owns 1,656,758 shares of the technology company’s stock valued at $20,179,000 after purchasing an additional 749,444 shares during the last quarter. Duquesne Family Office LLC increased its position in shares of Daktronics by 16.9% during the 1st quarter. Duquesne Family Office LLC now owns 3,067,625 shares of the technology company’s stock valued at $37,364,000 after purchasing an additional 442,520 shares during the last quarter. CSM Advisors LLC purchased a new stake in Daktronics during the 2nd quarter valued at $6,242,000. Finally, Invesco Ltd. raised its holdings in Daktronics by 399.2% during the 2nd quarter. Invesco Ltd. now owns 510,243 shares of the technology company’s stock valued at $7,715,000 after buying an additional 408,037 shares during the period. Institutional investors own 61.69% of the company’s stock.

About Daktronics

Daktronics, Inc designs, manufactures, and sells electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial, and transportation applications in the United States and internationally. It operates through Commercial, Live Events, High School Park and Recreation, Transportation, and International segments.