Daktronics (NASDAQ:DAKT) Shares Down 4.2% - What's Next?

Daktronics, Inc. (NASDAQ:DAKT - Get Free Report) shares fell 4.2% on Wednesday . The stock traded as low as $16.20 and last traded at $16.04. 18,222 shares were traded during mid-day trading, a decline of 96% from the average session volume of 481,090 shares. The stock had previously closed at $16.74.

Daktronics Stock Performance

The stock has a market cap of $797.20 million, a P/E ratio of -36.90, a PEG ratio of 0.55 and a beta of 1.60. The business has a 50 day moving average price of $14.77 and a 200 day moving average price of $14.65. The company has a quick ratio of 1.60, a current ratio of 2.22 and a debt-to-equity ratio of 0.19.

Daktronics (NASDAQ:DAKT - Get Free Report) last released its earnings results on Wednesday, June 25th. The technology company reported $0.18 EPS for the quarter, meeting analysts' consensus estimates of $0.18. The firm had revenue of $172.55 million for the quarter, compared to analysts' expectations of $189.10 million. Daktronics had a positive return on equity of 15.29% and a negative net margin of 1.34%. During the same quarter in the prior year, the firm posted $0.27 earnings per share. As a group, sell-side analysts expect that Daktronics, Inc. will post 0.96 EPS for the current year.

Insider Activity

In other news, major shareholder Fox Opportunities Fund L. Alta sold 1,000,000 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $14.90, for a total transaction of $14,900,000.00. Following the transaction, the insider owned 4,973,599 shares in the company, valued at approximately $74,106,625.10. This trade represents a 16.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Daktronics

Hedge funds and other institutional investors have recently modified their holdings of the business. Summit Investment Advisors Inc. boosted its stake in shares of Daktronics by 29.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,192 shares of the technology company's stock valued at $71,000 after purchasing an additional 965 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Daktronics during the 1st quarter worth $81,000. GAMMA Investing LLC lifted its stake in shares of Daktronics by 5,889.3% during the 1st quarter. GAMMA Investing LLC now owns 7,247 shares of the technology company's stock worth $88,000 after purchasing an additional 7,126 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Daktronics during the 4th quarter worth $125,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Daktronics during the 1st quarter worth $90,000. 61.69% of the stock is currently owned by institutional investors.

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.