Federated Hermes Inc. Invests $930,000 in Daktronics, Inc. (NASDAQ:DAKT)

Key Points

• Federated Hermes Inc. acquired 76,378 shares of Daktronics, Inc. (NASDAQ:DAKT) for approximately $930,000, representing about 0.15% ownership by the end of the latest quarter.
• Significant increases in holdings were reported by other institutional investors, including Alta Fox Capital Management, which boosted its stake by 310.7% in the fourth quarter.
• Analysts downgraded Daktronics from a "buy" rating to a "hold" rating, reflecting potential concerns about the company's financial performance and stock outlook.

Federated Hermes Inc. purchased a new position in Daktronics, Inc. (NASDAQ:DAKT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 76,378 shares of the technology company's stock, valued at approximately $930,000. Federated Hermes Inc. owned 0.15% of Daktronics as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Commonwealth Equity Services LLC purchased a new stake in Daktronics during the fourth quarter worth $187,000. KLP Kapitalforvaltning AS bought a new position in shares of Daktronics in the 4th quarter worth $125,000. LPL Financial LLC lifted its stake in shares of Daktronics by 1,589.2% during the 4th quarter. LPL Financial LLC now owns 323,204 shares of the technology company's stock worth $5,449,000 after purchasing an additional 304,071 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Daktronics by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 2,450,964 shares of the technology company's stock valued at $41,323,000 after buying an additional 11,099 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Daktronics by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 939,809 shares of the technology company's stock valued at $15,849,000 after acquiring an additional 27,672 shares in the last quarter. 61.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Daktronics

In related 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 value of $14,900,000.00. Following the completion of the transaction, the insider owned 4,973,599 shares in the company, valued at $74,106,625.10. This trade represents a 16.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded Daktronics from a "buy" rating to a "hold" rating in a research note on Sunday, August 3rd.

Daktronics Stock Up 0.9%

Shares of DAKT traded up $0.15 during mid-day trading on Friday, hitting $17.00. 220,500 shares of the company traded hands, compared to its average volume of 427,575. The company has a market capitalization of $834.87 million, a PE ratio of -38.64, a price-to-earnings-growth ratio of 0.55 and a beta of 1.65. The company has a quick ratio of 1.60, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. The business has a 50 day moving average of $15.49 and a 200 day moving average of $14.60. Daktronics, Inc. has a 1-year low of $10.24 and a 1-year high of $19.89.

Daktronics (NASDAQ:DAKT - Get Free Report) last released its earnings results on Wednesday, June 25th. The technology company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The company had revenue of $172.55 million for the quarter, compared to the consensus estimate 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 firm earned $0.27 EPS. Equities research analysts anticipate that Daktronics, Inc. will post 0.96 EPS for the current year.

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.