Daktronics (NASDAQ:DAKT) Upgraded to "Buy" at Wall Street Zen

Key Points

• Daktronics has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, signaling a positive outlook for the company's stock performance.
• The company reported earnings of $0.18 EPS for the last quarter, in line with analysts' expectations, but fell short on revenue with $172.55 million compared to estimates of $189.10 million.
• Institutional investors are showing increasing confidence in Daktronics, with several firms significantly increasing their holdings during the second quarter.

Wall Street Zen upgraded shares of Daktronics (NASDAQ:DAKT - Free Report) from a hold rating to a buy rating in a report published on Saturday.

Daktronics Stock Performance

DAKT stock traded up $1.23 during trading on Friday, hitting $22.21. 1,330,409 shares of the company's stock traded hands, compared to its average volume of 369,407. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -50.48, a price-to-earnings-growth ratio of 0.69 and a beta of 1.69. Daktronics has a 52 week low of $10.24 and a 52 week high of $22.53. The stock has a fifty day moving average price of $16.93 and a two-hundred day moving average price of $14.77. The company has a quick ratio of 1.60, a current ratio of 2.07 and a debt-to-equity ratio of 0.19.

Daktronics (NASDAQ:DAKT - Get Free Report) last issued its earnings results on Wednesday, September 10th. The technology company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.09. The company 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%. As a group, equities analysts anticipate that Daktronics will post 0.96 EPS for the current fiscal year.

Insider Buying and Selling at Daktronics

In other Daktronics news, insider Sheila Mae Anderson sold 3,839 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $16.86, for a total transaction of $64,725.54. Following the sale, the insider directly owned 39,495 shares of the company's stock, valued at approximately $665,885.70. This represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.30% of the company's stock.

Institutional Trading of Daktronics

A number of institutional investors and hedge funds have recently modified their holdings of DAKT. Alta Fox Capital Management LLC raised its holdings in shares of Daktronics by 94.3% during the first quarter. Alta Fox Capital Management LLC now owns 5,973,599 shares of the technology company's stock worth $72,758,000 after purchasing an additional 2,899,263 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Daktronics by 466.6% during the first quarter. Bank of New York Mellon Corp now owns 1,344,442 shares of the technology company's stock worth $16,375,000 after purchasing an additional 1,107,157 shares during the period. Breach Inlet Capital Management LLC increased its holdings in shares of Daktronics by 82.6% in the 1st quarter. Breach Inlet Capital Management LLC now owns 1,656,758 shares of the technology company's stock worth $20,179,000 after acquiring an additional 749,444 shares during the period. Duquesne Family Office LLC increased its holdings in shares of Daktronics by 16.9% in the 1st quarter. Duquesne Family Office LLC now owns 3,067,625 shares of the technology company's stock worth $37,364,000 after acquiring an additional 442,520 shares during the period. Finally, CSM Advisors LLC acquired a new stake in shares of Daktronics in the 2nd quarter worth about $6,242,000. 61.69% of the stock is owned by institutional investors and hedge funds.

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.