Daktronics (NASDAQ:DAKT) Sees Unusually-High Trading Volume - Time to Buy?

Key Points

• Daktronics (NASDAQ: DAKT) experienced a notable increase in trading volume, with 454,267 shares traded, reflecting a 1% rise from the previous session.
• Analysts have mixed ratings on Daktronics, with Zacks Research upgrading the stock to a strong-buy, while Weiss Ratings maintains a "hold" rating, resulting in an average target price of $26.00.
• For the latest quarter, Daktronics reported earnings per share of $0.33, surpassing analysts' expectations, with revenue reaching $218.97 million, exceeding the forecasted $196.90 million.

Shares of Daktronics, Inc. (NASDAQ:DAKT - Get Free Report) saw strong trading volume on Friday . 454,267 shares traded hands during mid-day trading, an increase of 1% from the previous session's volume of 450,610 shares.The stock last traded at $20.57 and had previously closed at $19.86.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Daktronics in a report on Friday. Zacks Research raised Daktronics from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 11th. Finally, Wall Street Zen raised Daktronics from a "buy" rating to a "strong-buy" rating in a research note on Sunday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Daktronics presently has an average rating of "Buy" and an average target price of $26.00.

Daktronics Stock Up 3.6%

The company's 50 day moving average price is $19.47 and its two-hundred day moving average price is $16.38. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.19. The stock has a market cap of $998.21 million, a P/E ratio of 33.27, a P/E/G ratio of 0.61 and a beta of 1.69.

Daktronics (NASDAQ:DAKT - Get Free Report) last issued its earnings results on Wednesday, September 10th. The technology company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.09. 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 analysts' expectations of $196.90 million. As a group, research analysts expect that Daktronics, Inc. will post 0.96 earnings per share for the current year.

Insider Transactions at Daktronics

In related news, insider Sheila Mae Anderson sold 3,839 shares of the company's stock in a transaction 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 sale, the insider directly owned 39,495 shares in the company, valued at $665,885.70. This represents a 8.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Carla S. Gatzke sold 9,944 shares of the stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $23.09, for a total value of $229,606.96. Following the sale, the vice president owned 721,036 shares of the company's stock, valued at approximately $16,648,721.24. This represents a 1.36% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,262 shares of company stock valued at $612,167. Company insiders own 5.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DAKT. Alta Fox Capital Management LLC raised its stake in shares of Daktronics by 94.3% in 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 last quarter. Bank of New York Mellon Corp raised its position in Daktronics by 466.6% during the 1st quarter. Bank of New York Mellon Corp now owns 1,344,442 shares of the technology company's stock worth $16,375,000 after buying an additional 1,107,157 shares during the last quarter. Breach Inlet Capital Management LLC raised its position in Daktronics by 82.6% during 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 buying an additional 749,444 shares during the last quarter. Duquesne Family Office LLC raised its position in Daktronics by 16.9% during the 1st quarter. Duquesne Family Office LLC now owns 3,067,625 shares of the technology company's stock worth $37,364,000 after buying an additional 442,520 shares during the last quarter. Finally, CSM Advisors LLC purchased a new position in Daktronics during the 2nd quarter worth approximately $6,242,000. Hedge funds and other institutional investors own 61.69% of the company's stock.

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.

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