Daktronics (NASDAQ:DAKT) Issues Earnings Results, Beats Estimates By $0.09 EPS

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) released its earnings results on Wednesday. The technology company reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.09, Zacks reports. Daktronics had a net margin of 1.51% and a return on equity of 14.64%. The company had revenue of $218.97 million for the quarter, compared to the consensus estimate of $196.90 million.

Daktronics Stock Performance

Shares of Daktronics stock traded up $0.30 during trading hours on Monday, reaching $23.69. 355,151 shares of the stock traded hands, compared to its average volume of 428,438. The company has a 50 day moving average price of $17.06 and a 200 day moving average price of $14.81. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 19.75, a P/E/G ratio of 0.72 and a beta of 1.69. Daktronics has a one year low of $10.24 and a one year high of $23.88. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.19.

Insider Activity

In related news, insider Sheila Mae Anderson sold 3,839 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was 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 approximately $665,885.70. The trade was a 8.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 5.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Duquesne Family Office LLC grew its stake in shares of Daktronics by 0.3% during the 2nd quarter. Duquesne Family Office LLC now owns 3,076,224 shares of the technology company's stock valued at $46,513,000 after acquiring an additional 8,599 shares during the period. Progeny 3 Inc. grew its stake in shares of Daktronics by 7.3% during the 2nd quarter. Progeny 3 Inc. now owns 2,650,037 shares of the technology company's stock valued at $40,069,000 after acquiring an additional 179,529 shares during the period. Invesco Ltd. grew its stake in shares of Daktronics by 399.2% during the 2nd quarter. Invesco Ltd. now owns 510,243 shares of the technology company's stock valued at $7,715,000 after acquiring an additional 408,037 shares during the period. Empowered Funds LLC grew its stake in shares of Daktronics by 2.1% during the 1st quarter. Empowered Funds LLC now owns 242,535 shares of the technology company's stock valued at $2,954,000 after acquiring an additional 4,926 shares during the period. Finally, Squarepoint Ops LLC grew its stake in shares of Daktronics by 74.5% during the 2nd quarter. Squarepoint Ops LLC now owns 116,413 shares of the technology company's stock valued at $1,760,000 after acquiring an additional 49,684 shares during the period. 61.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on DAKT shares. Wall Street Zen upgraded shares of Daktronics from a "buy" rating to a "strong-buy" rating in a research note on Sunday. Zacks Research raised shares of Daktronics from a "hold" rating to a "strong-buy" rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Strong Buy" and an average target price of $26.00.

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.