Daktronics (NASDAQ:DAKT) Upgraded to Strong-Buy at 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.

Zacks Research upgraded shares of Daktronics (NASDAQ:DAKT - Free Report) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday, September 11th,Zacks.com reports.

Separately, Wall Street Zen raised Daktronics from a "hold" rating to a "buy" rating in a research note on Saturday, September 6th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. Based on data from MarketBeat.com, Daktronics presently has a consensus rating of "Strong Buy" and an average target price of $26.00.

Daktronics Stock Up 0.8%

Shares of DAKT traded up $0.18 on Thursday, hitting $22.91. The company's stock had a trading volume of 252,377 shares, compared to its average volume of 433,711. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.19. The firm's fifty day moving average price is $17.47 and its 200-day moving average price is $14.99. Daktronics has a fifty-two week low of $10.24 and a fifty-two week high of $24.38. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 39.25, a P/E/G ratio of 0.72 and a beta of 1.69.

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

Insider Buying and Selling

In other news, insider Sheila Mae Anderson sold 3,839 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $16.86, for a total transaction of $64,725.54. Following the transaction, the insider directly owned 39,495 shares of the company's stock, valued at $665,885.70. This represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John Patrick Friel sold 13,479 shares of Daktronics stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $23.58, for a total value of $317,834.82. Following the transaction, the director directly owned 74,094 shares in the company, valued at approximately $1,747,136.52. The trade was a 15.39% decrease in their position. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.

Institutional Trading of Daktronics

Several large investors have recently modified their holdings of DAKT. Northwestern Mutual Wealth Management Co. grew its holdings in Daktronics by 204.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company's stock valued at $46,000 after purchasing an additional 2,045 shares during the period. Quaker Wealth Management LLC lifted its position in shares of Daktronics by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 3,800 shares of the technology company's stock worth $57,000 after buying an additional 7,600 shares in the last quarter. BNP Paribas Financial Markets raised its position in Daktronics by 66.8% during the second quarter. BNP Paribas Financial Markets now owns 3,897 shares of the technology company's stock valued at $59,000 after purchasing an additional 1,561 shares during the period. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Daktronics during the second quarter valued at approximately $62,000. Finally, Farther Finance Advisors LLC bought a new position in shares of Daktronics during the second quarter valued at approximately $79,000. Institutional investors own 61.69% of the company's stock.

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.