Daktronics (NASDAQ:DAKT) Cut to Hold at Zacks Research

Zacks Research downgraded shares of Daktronics (NASDAQ:DAKT) from a strong-buy rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

DAKT has been the topic of several other reports. Wall Street Zen raised 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 Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $26.00.

Daktronics Trading Up 1.6%

Shares of DAKT stock opened at $19.17 on Monday. The stock has a market cap of $930.32 million, a P/E ratio of 31.85, a P/E/G ratio of 0.60 and a beta of 1.68. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.19. Daktronics has a fifty-two week low of $10.24 and a fifty-two week high of $24.38. The business has a fifty day simple moving average of $20.17 and a 200-day simple moving average of $17.14.

Daktronics (NASDAQ:DAKT) last issued its quarterly earnings data on Wednesday, September 10th. The technology company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.09. The firm 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 forecast that Daktronics will post 0.96 earnings per share for the current fiscal year.

Insider Transactions at Daktronics

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

Hedge Funds Weigh In On Daktronics

A number of hedge funds have recently made changes to their positions in the business. Alta Fox Capital Management LLC lifted its position in Daktronics by 94.3% during the 1st 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 in the last quarter. Duquesne Family Office LLC raised its stake in shares of Daktronics by 0.3% during the second quarter. Duquesne Family Office LLC now owns 3,076,224 shares of the technology company’s stock valued at $46,513,000 after purchasing an additional 8,599 shares during the period. Progeny 3 Inc. lifted its position in shares of Daktronics by 7.3% during the second quarter. Progeny 3 Inc. now owns 2,650,037 shares of the technology company’s stock worth $40,069,000 after purchasing an additional 179,529 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Daktronics by 1.0% in the first quarter. Vanguard Group Inc. now owns 2,475,948 shares of the technology company’s stock valued at $30,157,000 after purchasing an additional 24,984 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Daktronics by 2.8% in the third quarter. American Century Companies Inc. now owns 1,664,668 shares of the technology company’s stock valued at $34,825,000 after purchasing an additional 44,731 shares during the period. Hedge funds and other 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.