Daktronics (NASDAQ:DAKT) Stock Price Down 4.2% - Here's Why

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

Daktronics Trading Down 1.3%

The stock has a market cap of $797.25 million, a PE ratio of -36.89, a price-to-earnings-growth ratio of 0.54 and a beta of 1.60. The firm has a 50-day moving average price of $14.84 and a 200-day moving average price of $14.65. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.60 and a current ratio of 2.22.

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

Insiders Place Their Bets

In other Daktronics news, major shareholder Fox Opportunities Fund L. Alta sold 1,000,000 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $14.90, for a total value of $14,900,000.00. Following the completion of the transaction, the insider owned 4,973,599 shares of the company's stock, valued at approximately $74,106,625.10. The trade was a 16.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Daktronics

A number of hedge funds have recently bought and sold shares of DAKT. Atria Investments Inc raised its position in Daktronics by 17.0% in the 4th quarter. Atria Investments Inc now owns 15,508 shares of the technology company's stock worth $261,000 after buying an additional 2,252 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Daktronics in the 4th quarter worth about $760,000. Commonwealth Equity Services LLC purchased a new position in Daktronics in the 4th quarter worth about $187,000. Intech Investment Management LLC purchased a new position in Daktronics in the 4th quarter worth about $232,000. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Daktronics during the 4th quarter valued at about $1,499,000. Hedge funds and other institutional investors own 61.69% of the company's stock.

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.