Daktronics (NASDAQ:DAKT) Shares Down 4.2% on Insider Selling

Key Points

• Daktronics' shares fell 4.2% after insider selling by Director John Patrick Friel, who sold 13,479 shares at an average price of $23.58, decreasing his ownership by 15.39%.
• Despite the drop in share price, Zacks Research upgraded Daktronics' rating from "hold" to "strong-buy," with a consensus price target of $26.00.
• The company reported strong quarterly earnings, with an EPS of $0.33, exceeding analyst expectations, and revenue of $218.97 million compared to estimates of $196.90 million.

Daktronics, Inc. (NASDAQ:DAKT - Get Free Report)'s share price traded down 4.2% on Wednesday following insider selling activity. The stock traded as low as $22.70 and last traded at $22.56. 245,727 shares traded hands during trading, a decline of 43% from the average session volume of 431,334 shares. The stock had previously closed at $23.55.

Specifically, Director John Patrick Friel sold 13,479 shares of Daktronics stock in a transaction on Monday, September 15th. The shares were sold at an average price of $23.58, for a total value of $317,834.82. Following the transaction, the director directly owned 74,094 shares in the company, valued at approximately $1,747,136.52. The trade was a 15.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

Several brokerages have recently weighed in on DAKT. Zacks Research raised shares of Daktronics from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 11th. Wall Street Zen raised shares of Daktronics from a "buy" rating to a "strong-buy" rating in a report on Sunday. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to MarketBeat.com, Daktronics has a consensus rating of "Strong Buy" and an average price target of $26.00.

Daktronics Trading Down 4.2%

The business's 50-day moving average price is $17.34 and its two-hundred day moving average price is $14.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.07 and a quick ratio of 1.54. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 40.07, a price-to-earnings-growth ratio of 0.74 and a beta of 1.69.

Daktronics (NASDAQ:DAKT - Get Free Report) last issued its quarterly earnings results on Wednesday, September 10th. 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 firm had revenue of $218.97 million during the quarter, compared to analyst estimates of $196.90 million. Equities analysts expect that Daktronics, Inc. will post 0.96 earnings per share for the current year.

Institutional Investors Weigh In On Daktronics

Several institutional investors have recently bought and sold shares of DAKT. Alta Fox Capital Management LLC grew its stake in 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 buying an additional 2,899,263 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Daktronics by 466.6% in 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 lifted its position 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 buying an additional 749,444 shares during the last quarter. Duquesne Family Office LLC lifted its position 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 buying an additional 442,520 shares during the last quarter. Finally, CSM Advisors LLC bought a new position in shares of Daktronics in the 2nd quarter worth about $6,242,000. 61.69% of the stock is currently owned by hedge funds and other institutional investors.

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.

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