D. E. Shaw & Co. Inc. Reduces Stock Position in Daktronics, Inc. (NASDAQ:DAKT)

D. E. Shaw & Co. Inc. reduced its stake in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 7.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 497,289 shares of the technology company's stock after selling 38,652 shares during the quarter. D. E. Shaw & Co. Inc. owned about 1.06% of Daktronics worth $8,384,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DAKT. Summit Investment Advisors Inc. grew its stake in Daktronics by 29.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,192 shares of the technology company's stock worth $71,000 after purchasing an additional 965 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Daktronics during the fourth quarter worth $125,000. Knott David M Jr purchased a new stake in shares of Daktronics in the fourth quarter worth about $132,000. Retirement Solution LLC purchased a new stake in Daktronics during the fourth quarter worth $169,000. Finally, Fox Run Management L.L.C. acquired a new position in Daktronics in the 4th quarter worth about $169,000. 61.69% of the stock is currently owned by hedge funds and other institutional investors.

Daktronics Price Performance

Shares of NASDAQ:DAKT traded up $0.31 during midday trading on Wednesday, hitting $15.71. The company's stock had a trading volume of 74,845 shares, compared to its average volume of 467,066. Daktronics, Inc. has a 12-month low of $10.24 and a 12-month high of $19.89. The company has a market cap of $783.57 million, a P/E ratio of 62.80, a price-to-earnings-growth ratio of 0.57 and a beta of 1.56. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.67 and a current ratio of 2.35. The business's 50 day simple moving average is $12.93 and its 200 day simple moving average is $14.91.

Analysts Set New Price Targets

Separately, Craig Hallum started coverage on Daktronics in a research note on Wednesday, January 22nd. They set a "buy" rating and a $26.00 price objective for the company.

Insiders Place Their Bets

In other news, Director Andrew David Siegel bought 7,200 shares of Daktronics stock in a transaction on Monday, March 31st. The shares were bought at an average cost of $11.82 per share, with a total value of $85,104.00. Following the completion of the purchase, the director now directly owns 40,946 shares of the company's stock, valued at approximately $483,981.72. This trade represents a 21.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.50% of the company's stock.

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.