Daktronics (NASDAQ:DAKT) Trading Down 4.2% After 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) shares were down 4.2% during trading on Wednesday following insider selling activity. The company traded as low as $22.70 and last traded at $22.56. Approximately 245,727 shares were traded during trading, a decline of 43% from the average daily volume of 431,334 shares. The stock had previously closed at $23.55.

Specifically, Director John Patrick Friel sold 13,479 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $23.58, for a total transaction of $317,834.82. Following the completion of the sale, the director owned 74,094 shares of the company's stock, valued at $1,747,136.52. This represents a 15.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DAKT. Zacks Research upgraded Daktronics from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 11th. Wall Street Zen raised Daktronics from a "buy" rating to a "strong-buy" rating in a report on Sunday, September 14th. One 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 a consensus rating of "Strong Buy" and an average price target of $26.00.

Daktronics Trading Down 2.6%

The stock has a market capitalization of $1.07 billion, a PE ratio of 36.90, a P/E/G ratio of 0.68 and a beta of 1.69. The business's fifty day moving average is $17.72 and its 200-day moving average is $15.12. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.19.

Daktronics (NASDAQ:DAKT - Get Free Report) last posted its quarterly earnings data on Wednesday, September 10th. The technology company reported $0.33 earnings per share for the quarter, beating 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 analyst estimates of $196.90 million. As a group, analysts anticipate that Daktronics, Inc. will post 0.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Daktronics

Several hedge funds have recently made changes to their positions in the business. Alta Fox Capital Management LLC increased its position in Daktronics by 94.3% during the 1st 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. Duquesne Family Office LLC lifted its position 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 buying an additional 8,599 shares during the last quarter. Progeny 3 Inc. increased its stake in Daktronics by 7.3% in the 2nd quarter. Progeny 3 Inc. now owns 2,650,037 shares of the technology company's stock worth $40,069,000 after acquiring an additional 179,529 shares during the last quarter. Vanguard Group Inc. grew its position in Daktronics by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 2,475,948 shares of the technology company's stock worth $30,157,000 after acquiring an additional 24,984 shares during the last quarter. Finally, Breach Inlet Capital Management LLC lifted its holdings 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 worth $20,179,000 after buying an additional 749,444 shares during the period. 61.69% of the stock is owned by 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.