Daktronics (NASDAQ:DAKT) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Shares of Daktronics, Inc. (NASDAQ:DAKT) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $18.43 and traded as high as $20.75. Daktronics shares last traded at $20.67, with a volume of 295,112 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on DAKT. Wall Street Zen raised Daktronics from a “buy” rating to a “strong-buy” rating in a report on Sunday, September 14th. Zacks Research cut Daktronics from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Daktronics in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $26.00.

Daktronics Trading Down 0.0%

The company has a debt-to-equity ratio of 0.18, a current ratio of 2.23 and a quick ratio of 1.71. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 159.01, a price-to-earnings-growth ratio of 0.60 and a beta of 1.72. The business’s 50-day moving average price is $18.93 and its two-hundred day moving average price is $18.43.

Daktronics (NASDAQ:DAKT) last released its earnings results on Wednesday, December 10th. The technology company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $229.25 million during the quarter, compared to analysts’ expectations of $213.93 million. Daktronics had a net margin of 0.96% and a return on equity of 15.42%. During the same period in the previous year, the company earned $0.27 EPS. Equities analysts expect that Daktronics, Inc. will post 0.96 earnings per share for the current year.

Hedge Funds Weigh In On Daktronics

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in shares of Daktronics in the 3rd quarter valued at about $25,000. State of Alaska Department of Revenue purchased a new position in Daktronics in the third quarter valued at approximately $43,000. Northwestern Mutual Wealth Management Co. lifted its position in Daktronics by 204.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company’s stock valued at $46,000 after buying an additional 2,045 shares in the last quarter. Quaker Wealth Management LLC lifted its position in Daktronics by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 3,800 shares of the technology company’s stock valued at $57,000 after buying an additional 7,600 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Daktronics by 66.8% during the second quarter. BNP Paribas Financial Markets now owns 3,897 shares of the technology company’s stock worth $59,000 after buying an additional 1,561 shares during the period. 61.69% of the stock is currently owned by institutional investors and hedge funds.

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.