Daktronics (NASDAQ:DAKT) Issues Quarterly Earnings Results

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

Daktronics Stock Down 0.9%

NASDAQ:DAKT opened at $19.36 on Wednesday. The company’s 50-day simple moving average is $19.94 and its 200-day simple moving average is $20.71. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.74 and a current ratio of 2.31. Daktronics has a fifty-two week low of $16.89 and a fifty-two week high of $28.27. The stock has a market capitalization of $934.70 million, a P/E ratio of 21.27, a P/E/G ratio of 0.64 and a beta of 1.68.

Analyst Upgrades and Downgrades

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

Insider Activity at Daktronics

In related news, insider Sheila Mae Anderson sold 3,636 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $20.01, for a total transaction of $72,756.36. Following the completion of the sale, the insider owned 48,371 shares of the company’s stock, valued at $967,903.71. This represents a 6.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Bradley T. Wiemann sold 4,000 shares of Daktronics stock in a transaction on Friday, July 17th. The stock was sold at an average price of $19.22, for a total transaction of $76,880.00. Following the completion of the transaction, the executive vice president directly owned 125,946 shares in the company, valued at $2,420,682.12. This represents a 3.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Daktronics

Several institutional investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV grew its stake in shares of Daktronics by 12.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,882 shares of the technology company’s stock worth $274,000 after acquiring an additional 1,544 shares during the last quarter. State of Tennessee Department of Treasury acquired a new position in shares of Daktronics during the fourth quarter valued at about $438,000. Mackenzie Financial Corp raised its position in shares of Daktronics by 80.4% in the 4th quarter. Mackenzie Financial Corp now owns 122,099 shares of the technology company’s stock valued at $2,390,000 after purchasing an additional 54,411 shares during the last quarter. Uniplan Investment Counsel Inc. raised its position in shares of Daktronics by 34.8% in the 4th quarter. Uniplan Investment Counsel Inc. now owns 192,061 shares of the technology company’s stock valued at $3,797,000 after purchasing an additional 49,564 shares during the last quarter. Finally, Tudor Investment Corp ET AL acquired a new stake in Daktronics in the 4th quarter worth approximately $500,000. Institutional investors and hedge funds own 61.69% of the company’s stock.

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.