Daktronics (NASDAQ:DAKT) Stock Rating Upgraded by Zacks Research

Key Points

• Daktronics has been upgraded from a "hold" rating to a "strong-buy" rating by Zacks Research, reflecting positive investor sentiment.
• The technology company's latest earnings report exceeded expectations, with a reported $0.33 EPS against an estimate of $0.24 and revenue of $218.97 million compared to $196.90 million projected.
• Institutional investors have increased their positions in Daktronics, with Northwestern Mutual Wealth Management growing its stake by 204.3% in the last quarter.

Daktronics (NASDAQ:DAKT - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Thursday,Zacks.com reports.

Separately, Wall Street Zen raised shares of Daktronics from a "hold" rating to a "buy" rating in a report on Saturday, September 6th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Strong Buy" and an average target price of $26.00.

Daktronics Stock Performance

Shares of Daktronics stock opened at $23.39 on Thursday. The firm's fifty day simple moving average is $17.06 and its 200-day simple moving average is $14.82. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -53.16, a PEG ratio of 0.68 and a beta of 1.69. Daktronics has a 12 month low of $10.24 and a 12 month high of $23.69. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.07 and a quick ratio of 1.60.

Daktronics (NASDAQ:DAKT - Get Free Report) last announced its earnings results on Wednesday, September 10th. The technology company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.09. The business had revenue of $218.97 million for the quarter, compared to analysts' expectations of $196.90 million. Daktronics had a net margin of 1.51% and a return on equity of 14.64%. As a group, equities analysts forecast that Daktronics will post 0.96 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Sheila Mae Anderson sold 3,839 shares of Daktronics stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $16.86, for a total value of $64,725.54. Following the transaction, the insider directly owned 39,495 shares in the company, valued at $665,885.70. This trade represents a 8.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 5.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Daktronics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its position in Daktronics by 204.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company's stock valued at $46,000 after buying an additional 2,045 shares during the last quarter. Quaker Wealth Management LLC grew its position in Daktronics by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 3,800 shares of the technology company's stock valued at $57,000 after buying an additional 7,600 shares during the last quarter. BNP Paribas Financial Markets grew its position in Daktronics by 66.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,897 shares of the technology company's stock valued at $59,000 after buying an additional 1,561 shares during the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in Daktronics in the 2nd quarter valued at $62,000. Finally, Farther Finance Advisors LLC purchased a new position in Daktronics in the 2nd quarter valued at $79,000. 61.69% of the stock is currently owned by hedge funds and other 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.

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