Daktronics (NASDAQ:DAKT) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Daktronics has received an upgrade from a "hold" rating to a "buy" rating by Wall Street Zen, signaling greater confidence in the stock's potential.
• The company's recent earnings report showed an EPS of $0.18, matching analysts' expectations, but revenue fell short at $172.55 million against the consensus estimate of $189.10 million.
• Major shareholder Fox Opportunities Fund L. Alta sold 1,000,000 shares of Daktronics stock, representing a 16.74% decrease in their stake in the company.

Daktronics (NASDAQ:DAKT - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Daktronics Price Performance

Shares of Daktronics stock traded up $0.29 during mid-day trading on Friday, reaching $16.94. 105,911 shares of the stock were exchanged, compared to its average volume of 440,291. Daktronics has a fifty-two week low of $10.24 and a fifty-two week high of $19.89. The firm has a 50-day simple moving average of $15.27 and a 200 day simple moving average of $14.56. The company has a current ratio of 2.22, a quick ratio of 1.60 and a debt-to-equity ratio of 0.19. The company has a market cap of $831.92 million, a price-to-earnings ratio of -38.49, a price-to-earnings-growth ratio of 0.54 and a beta of 1.60.

Daktronics (NASDAQ:DAKT - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The technology company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The business had revenue of $172.55 million for the quarter, compared to analyst estimates 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 last year, the firm earned $0.27 EPS. On average, sell-side analysts predict that Daktronics 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 company's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $14.90, for a total value of $14,900,000.00. Following the transaction, the insider directly owned 4,973,599 shares in the company, valued at $74,106,625.10. The trade was a 16.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in DAKT. Raymond James Financial Inc. bought a new position in Daktronics during the fourth quarter worth $760,000. Commonwealth Equity Services LLC purchased a new stake in Daktronics during the fourth quarter worth about $187,000. Teacher Retirement System of Texas bought a new stake in Daktronics in the fourth quarter worth about $1,499,000. American Century Companies Inc. raised its position in Daktronics by 11.3% in the fourth quarter. American Century Companies Inc. now owns 1,388,284 shares of the technology company's stock worth $23,406,000 after acquiring an additional 140,482 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new stake in Daktronics in the 4th quarter valued at about $125,000. 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.