Daktronics (NASDAQ:DAKT) Announces Earnings Results, Beats Estimates By $0.05 EPS

Daktronics (NASDAQ:DAKT) issued its earnings results on Wednesday. The technology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.35 by $0.05, FiscalAI reports. Daktronics had a return on equity of 17.62% and a net margin of 5.41%.The business had revenue of $234.57 million for the quarter, compared to the consensus estimate of $230.27 million. During the same period last year, the business posted $0.33 EPS.

Daktronics Price Performance

DAKT opened at $19.36 on Wednesday. The firm has a market capitalization of $934.70 million, a PE ratio of 21.27, a price-to-earnings-growth ratio of 0.64 and a beta of 1.68. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.31 and a quick ratio of 1.74. The business’s 50-day moving average is $19.94 and its two-hundred day moving average is $20.71. Daktronics has a 1 year low of $16.89 and a 1 year high of $28.27.

Insider Activity

In other Daktronics news, insider Sheila Mae Anderson sold 3,636 shares of Daktronics stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $20.01, for a total value of $72,756.36. Following the transaction, the insider directly owned 48,371 shares of the company’s stock, valued at approximately $967,903.71. The trade was a 6.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bradley T. Wiemann sold 4,000 shares of the business’s stock in a transaction on Friday, July 17th. The stock was sold at an average price of $19.22, for a total value of $76,880.00. Following the transaction, the executive vice president owned 125,946 shares in the company, valued at approximately $2,420,682.12. This trade represents a 3.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of Daktronics

A number of institutional investors have recently bought and sold shares of DAKT. Quarry LP purchased a new stake in Daktronics during the 3rd quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Daktronics by 22,566.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,360 shares of the technology company’s stock worth $27,000 after buying an additional 1,354 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Daktronics by 204.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company’s stock worth $46,000 after buying an additional 2,045 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Daktronics by 66.8% during the second quarter. BNP Paribas Financial Markets now owns 3,897 shares of the technology company’s stock valued at $59,000 after buying an additional 1,561 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of Daktronics by 12.7% in the fourth quarter. Royal Bank of Canada now owns 6,430 shares of the technology company’s stock valued at $127,000 after purchasing an additional 724 shares during the period. 61.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on DAKT. Roth Capital lifted their target price on Daktronics from $26.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Weiss Ratings raised Daktronics from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 25th. Wall Street Zen lowered shares of Daktronics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 4th. Finally, Zacks Research raised Daktronics from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Daktronics has an average rating of “Hold” and an average target price of $29.00.

Daktronics Company Profile

Daktronics, Inc (NASDAQ: DAKT) is a leading designer and manufacturer of electronic display systems, video boards, scoreboards and related control systems. Founded in 1968 in Brookings, South Dakota by Al Kurtenbach and Duane Sander, the company has built a reputation for delivering custom visual display solutions to a wide range of markets. Its product portfolio includes large-format LED video displays, programmable message centers, digital billboards, and audio-visual solutions tailored to sports venues, transportation authorities, retail environments and live event producers.

The company’s primary business activities encompass the engineering, fabrication and installation of display systems for customers around the world.