Zacks Research Upgrades Daktronics (NASDAQ:DAKT) to "Strong-Buy"

Key Points

• Zacks Research upgraded Daktronics to “Strong Buy” from “Hold.” Other analysts maintain generally positive views, giving the stock an average “Buy” rating and a consensus price target of $31.
• Daktronics reported quarterly EPS of $0.40, exceeding estimates of $0.35, while revenue reached $234.57 million versus expectations of $230.27 million.
• The stock opened at $17.85, near its 12-month low of $16.77 and below its 12-month high of $28.27. Institutional investors own approximately 61.69% of the company.

Daktronics (NASDAQ:DAKT - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Monday, Zacks reports.

A number of other equities research analysts have also issued reports on the stock. Weiss Ratings reissued a "hold (c+)" rating on shares of Daktronics in a report on Tuesday, September 22nd. Craig Hallum reiterated a "buy" rating and issued a $33.00 target price on shares of Daktronics in a report on Thursday, September 3rd. Wall Street Zen raised shares of Daktronics from a "hold" rating to a "buy" rating in a research note on Saturday, September 26th. Finally, Roth Capital lifted their price target on shares of Daktronics from $26.00 to $29.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Daktronics currently has an average rating of "Buy" and a consensus target price of $31.00.

Daktronics Stock Up 0.3%

Shares of NASDAQ DAKT opened at $17.85 on Monday. The stock has a market cap of $858.41 million, a PE ratio of 18.21, a P/E/G ratio of 0.57 and a beta of 1.68. The company has a current ratio of 2.17, a quick ratio of 1.66 and a debt-to-equity ratio of 0.17. Daktronics has a 12-month low of $16.77 and a 12-month high of $28.27. The company has a 50-day moving average of $19.09 and a 200 day moving average of $19.60.

Daktronics (NASDAQ:DAKT - Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The technology company reported $0.40 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.05. The firm had revenue of $234.57 million for the quarter, compared to the consensus estimate of $230.27 million. Daktronics had a return on equity of 18.05% and a net margin of 5.66%.During the same quarter last year, the business posted $0.33 earnings per share. As a group, sell-side analysts predict that Daktronics will post 1.24 EPS for the current fiscal year.

Insider Activity at Daktronics

In other news, EVP Bradley Wiemann sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, July 17th. The shares were 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 of the company's stock, valued at $2,420,682.12. This trade represents a 3.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Daktronics

Several hedge funds have recently bought and sold shares of DAKT. PNC Financial Services Group Inc. lifted its holdings in shares of Daktronics by 13.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,712 shares of the technology company's stock worth $151,000 after acquiring an additional 898 shares during the period. Cornerstone Planning Group LLC acquired a new position in Daktronics during the first quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd raised its stake in Daktronics by 22,566.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,360 shares of the technology company's stock worth $27,000 after purchasing an additional 1,354 shares during the period. USA Financial Formulas boosted its holdings in shares of Daktronics by 3,057.8% in the 1st quarter. USA Financial Formulas now owns 1,421 shares of the technology company's stock valued at $28,000 after purchasing an additional 1,376 shares during the last quarter. Finally, State of Wyoming purchased a new stake in shares of Daktronics during the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 61.69% of the company's stock.

Daktronics Company Profile

Daktronics, Inc designs and manufactures electronic display systems and related control solutions. Its products include LED video displays, scoreboards, digital billboards, message centers, dynamic signage, and display-control systems used to present live information, advertising, entertainment, and public communications.

The company serves a range of markets, including professional and collegiate sports, schools, commercial businesses, transportation networks, government agencies, and other public venues.

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