Daktronics (NASDAQ:DAKT) Issues Quarterly Earnings Results

Key Points

• Daktronics reported quarterly earnings of $0.33 per share, exceeding analysts' expectations by $0.09.
• Insider Sheila Mae Anderson sold 3,839 shares of Daktronics stock, reducing her ownership by 8.86%.
• Wall Street analysts recently upgraded Daktronics from a "hold" to a "buy" rating, with a consensus price target of $26.00.

Daktronics (NASDAQ:DAKT - Get Free Report) posted its quarterly earnings results on Wednesday. The technology company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.09, Zacks reports. The business had revenue of $218.97 million during 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%.

Daktronics Stock Up 5.3%

Shares of NASDAQ DAKT traded up $1.18 during mid-day trading on Friday, reaching $23.39. 820,220 shares of the company's stock traded hands, compared to its average volume of 423,046. The stock has a market cap of $1.14 billion, a P/E ratio of 19.49, a PEG ratio of 0.68 and a beta of 1.69. The business has a 50-day simple moving average of $17.06 and a 200 day simple moving average of $14.82. Daktronics has a 1-year low of $10.24 and a 1-year high of $23.69. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.07 and a quick ratio of 1.60.

Insider Activity

In other news, insider Sheila Mae Anderson sold 3,839 shares of Daktronics stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $16.86, for a total transaction of $64,725.54. Following the completion of the transaction, the insider directly owned 39,495 shares in the company, valued at $665,885.70. This trade represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its holdings 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 worth $46,000 after purchasing an additional 2,045 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings 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 purchasing an additional 1,561 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Daktronics by 9.0% during the second quarter. The Manufacturers Life Insurance Company now owns 15,193 shares of the technology company's stock worth $230,000 after purchasing an additional 1,253 shares during the last quarter. Gallagher Fiduciary Advisors LLC boosted its holdings in Daktronics by 21.6% during the second quarter. Gallagher Fiduciary Advisors LLC now owns 18,942 shares of the technology company's stock worth $286,000 after purchasing an additional 3,370 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in Daktronics by 3.2% during the second quarter. Osaic Holdings Inc. now owns 23,638 shares of the technology company's stock worth $357,000 after purchasing an additional 728 shares during the last quarter. 61.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DAKT has been the subject of a number of research reports. Zacks Research upgraded shares of Daktronics from a "hold" rating to a "strong-buy" rating in a report on Thursday. Wall Street Zen upgraded shares of Daktronics from a "buy" rating to a "strong-buy" rating in a report on Sunday. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Strong Buy" and an average target price of $26.00.

About Daktronics

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.