Daktronics (NASDAQ:DAKT) Cut to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Daktronics from “Buy” to “Hold.” Zacks Research also cut its rating to Hold, while Craig Hallum maintained Buy.
• Despite the downgrades, Daktronics has a consensus “Moderate Buy” rating and an average analyst price target of $31.
• The company beat quarterly estimates, reporting earnings of $0.40 per share versus $0.35 expected and revenue of $234.57 million versus $230.27 million expected.

Daktronics (NASDAQ:DAKT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

Several other equities analysts have also weighed in on DAKT. Zacks Research lowered shares of Daktronics from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 3rd. Weiss Ratings downgraded shares of Daktronics from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, November 4th. Finally, Craig Hallum reaffirmed a "buy" rating and set a $33.00 target price on shares of Daktronics in a report on Thursday, September 3rd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Daktronics currently has a consensus rating of "Moderate Buy" and an average target price of $31.00.

Daktronics Stock Down 1.2%

DAKT stock opened at $19.26 on Friday. The company has a current ratio of 2.17, a quick ratio of 1.66 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $926.21 million, a PE ratio of 19.65, a PEG ratio of 0.62 and a beta of 1.72. Daktronics has a 1-year low of $16.77 and a 1-year high of $28.27. The business's 50 day simple moving average is $18.63 and its 200 day simple moving average is $20.35.

Daktronics (NASDAQ:DAKT - Get Free Report) last posted its quarterly earnings results on Wednesday, September 2nd. The technology company reported $0.40 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.05. Daktronics had a return on equity of 18.05% and a net margin of 5.66%. The business had revenue of $234.57 million for the quarter, compared to analysts' expectations of $230.27 million. During the same quarter in the prior year, the business earned $0.33 EPS. As a group, research analysts anticipate that Daktronics will post 1.27 EPS for the current year.

Institutional Trading of Daktronics

Several hedge funds have recently added to or reduced their stakes in DAKT. Pillsbury Lake Capital LLC bought a new stake in Daktronics in the 3rd quarter valued at $8,701,000. Marshall Wace LLP acquired a new position in Daktronics in the 3rd quarter valued at $573,000. Kovack Advisors Inc. increased its position in Daktronics by 7.4% during the 3rd quarter. Kovack Advisors Inc. now owns 88,300 shares of the technology company's stock worth $1,555,000 after buying an additional 6,120 shares during the period. First Trust Advisors LP increased its position in Daktronics by 103.9% during the 3rd quarter. First Trust Advisors LP now owns 119,294 shares of the technology company's stock worth $2,075,000 after buying an additional 60,800 shares during the period. Finally, Boston Partners increased its position in Daktronics by 38.8% during the 3rd quarter. Boston Partners now owns 542,795 shares of the technology company's stock worth $9,439,000 after buying an additional 151,639 shares during the period. 61.69% of the stock is owned by institutional investors and hedge funds.

About Daktronics

Daktronics, Inc. designs and manufactures electronic display and control systems. Its products include LED video displays, scoreboards, digital billboards, message displays, audio systems and the software used to operate them. The company serves customers in settings such as sports venues, schools, retail and commercial locations, transportation facilities and public spaces. Its systems are used for live event presentation, advertising, information and public messaging. Founded in 1968 and headquartered in Brookings, South Dakota, Daktronics serves customers in the United States and internationally.

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