Gabelli Funds LLC Cuts Stock Holdings in Daktronics, Inc. (NASDAQ:DAKT)

Gabelli Funds LLC reduced its stake in Daktronics, Inc. (NASDAQ:DAKT) by 14.2% during the fourth quarter, HoldingsChannel reports. The firm owned 58,500 shares of the technology company’s stock after selling 9,700 shares during the period. Gabelli Funds LLC’s holdings in Daktronics were worth $986,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of DAKT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Daktronics during the 3rd quarter valued at $427,000. Barclays PLC raised its position in Daktronics by 348.2% during the third quarter. Barclays PLC now owns 58,388 shares of the technology company’s stock valued at $754,000 after purchasing an additional 45,360 shares in the last quarter. Franklin Resources Inc. lifted its stake in Daktronics by 0.9% during the third quarter. Franklin Resources Inc. now owns 70,992 shares of the technology company’s stock worth $959,000 after purchasing an additional 654 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in shares of Daktronics in the 4th quarter worth about $170,000. Finally, SG Americas Securities LLC increased its position in shares of Daktronics by 25.8% during the 4th quarter. SG Americas Securities LLC now owns 18,339 shares of the technology company’s stock valued at $309,000 after purchasing an additional 3,758 shares during the last quarter. 61.69% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Andrew David Siegel purchased 2,500 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was bought at an average cost of $11.50 per share, for a total transaction of $28,750.00. Following the acquisition, the director now directly owns 43,446 shares of the company’s stock, valued at $499,629. This represents a 6.11 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 5.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Craig Hallum began coverage on shares of Daktronics in a research note on Wednesday, January 22nd. They set a “buy” rating and a $26.00 price target on the stock.

Daktronics Stock Performance

Daktronics stock opened at $12.41 on Friday. The firm has a fifty day simple moving average of $13.37 and a two-hundred day simple moving average of $14.85. Daktronics, Inc. has a twelve month low of $8.93 and a twelve month high of $19.89. The company has a market capitalization of $649.50 million, a PE ratio of 49.64, a P/E/G ratio of 0.57 and a beta of 1.34. The company has a quick ratio of 1.67, a current ratio of 2.35 and a debt-to-equity ratio of 0.40.

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.