Daktronics (NASDAQ:DAKT) Reaches New 12-Month High Following Earnings Beat

Key Points

• Daktronics shares reached a new 52-week high of $21.61 after reporting better-than-expected quarterly earnings, with earnings per share at $0.33, surpassing estimates by $0.09.
• Wall Street analysts upgraded Daktronics from a "hold" to a "buy" rating, with a consensus target price of $26.00.
• Institutional investors now hold over 61% of Daktronics stock, with notable increases from several hedge funds during the first quarter.

Daktronics, Inc. (NASDAQ:DAKT - Get Free Report) shares reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $20.00 and last traded at $21.61, with a volume of 41591 shares changing hands. The stock had previously closed at $17.43.

The technology company reported $0.33 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 during the quarter, compared to analysts' expectations of $196.90 million.

Analysts Set New Price Targets

Several research analysts have commented on DAKT shares. Wall Street Zen upgraded shares of Daktronics from a "buy" rating to a "strong-buy" rating in a report on Sunday. Zacks Research upgraded shares of Daktronics from a "hold" rating to a "strong-buy" rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Strong Buy" and a consensus price target of $26.00.

Insider Buying and Selling at Daktronics

In other news, insider Sheila Mae Anderson sold 3,839 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.30% of the company's stock.

Institutional Trading of Daktronics

Several institutional investors have recently modified their holdings of the stock. Alta Fox Capital Management LLC raised its position in Daktronics by 94.3% in the 1st quarter. Alta Fox Capital Management LLC now owns 5,973,599 shares of the technology company's stock valued at $72,758,000 after purchasing an additional 2,899,263 shares during the last quarter. Duquesne Family Office LLC raised its position in Daktronics by 0.3% in 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 purchasing an additional 8,599 shares during the last quarter. Progeny 3 Inc. raised its position in Daktronics by 7.3% in the 2nd quarter. Progeny 3 Inc. now owns 2,650,037 shares of the technology company's stock valued at $40,069,000 after purchasing an additional 179,529 shares during the last quarter. Vanguard Group Inc. raised its position in Daktronics by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 2,475,948 shares of the technology company's stock valued at $30,157,000 after purchasing an additional 24,984 shares during the last quarter. Finally, Breach Inlet Capital Management LLC raised its position in 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 valued at $20,179,000 after purchasing an additional 749,444 shares during the last quarter. Hedge funds and other institutional investors own 61.69% of the company's stock.

Daktronics Stock Performance

The firm's 50-day moving average is $17.06 and its 200 day moving average is $14.82. The stock has a market cap of $1.14 billion, a PE ratio of 19.49, a P/E/G ratio of 0.68 and a beta of 1.69. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.60 and a current ratio of 2.07.

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.