Daktronics (NASDAQ:DAKT) Sees Unusually-High Trading Volume – Here’s What Happened

Daktronics, Inc. (NASDAQ:DAKT) saw strong trading volume on Friday . 454,267 shares changed hands during trading, an increase of 1% from the previous session’s volume of 450,610 shares.The stock last traded at $20.57 and had previously closed at $19.86.

Wall Street Analyst Weigh In

Several research analysts recently commented on DAKT shares. Wall Street Zen raised Daktronics from a “buy” rating to a “strong-buy” rating in a research note on Sunday, September 14th. Zacks Research raised Daktronics from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 11th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Daktronics in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $26.00.

Daktronics Stock Up 2.8%

The firm has a market capitalization of $990.98 million, a price-to-earnings ratio of 34.03, a P/E/G ratio of 0.62 and a beta of 1.69. The business has a 50 day simple moving average of $19.54 and a 200-day simple moving average of $16.48. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.54 and a current ratio of 2.07.

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

Insiders Place Their Bets

In other Daktronics news, VP Carla S. Gatzke sold 9,944 shares of the firm’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $23.09, for a total value of $229,606.96. Following the completion of the sale, the vice president directly owned 721,036 shares of the company’s stock, valued at $16,648,721.24. This trade represents a 1.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sheila Mae Anderson sold 3,839 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $16.86, for a total value of $64,725.54. Following the completion of the sale, the insider directly owned 39,495 shares of the company’s stock, valued at $665,885.70. This trade represents a 8.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,262 shares of company stock valued at $612,167 in the last three months. 5.30% of the stock is currently owned by insiders.

Institutional Trading of Daktronics

Hedge funds and other institutional investors have recently modified their holdings of the business. Janney Montgomery Scott LLC acquired a new stake in shares of Daktronics during the 1st quarter worth about $135,000. Inspire Investing LLC increased its position in shares of Daktronics by 206.3% during the 2nd quarter. Inspire Investing LLC now owns 86,188 shares of the technology company’s stock worth $1,303,000 after purchasing an additional 58,047 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Daktronics by 29.8% during the 1st quarter. Victory Capital Management Inc. now owns 181,870 shares of the technology company’s stock worth $2,215,000 after purchasing an additional 41,731 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 worth $20,179,000 after purchasing an additional 749,444 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Daktronics by 466.6% during the 1st quarter. Bank of New York Mellon Corp now owns 1,344,442 shares of the technology company’s stock worth $16,375,000 after purchasing an additional 1,107,157 shares during the last quarter. 61.69% of the stock is owned by institutional investors and hedge funds.

Daktronics Company Profile

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.