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. acquired a new position in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 76,378 shares of the technology company's stock, valued at approximately $930,000. Federated Hermes Inc. owned approximately 0.15% of Daktronics as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Summit Investment Advisors Inc. lifted its stake in shares of Daktronics by 29.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,192 shares of the technology company's stock valued at $71,000 after purchasing an additional 965 shares during the period. GAMMA Investing LLC raised its stake in Daktronics by 5,889.3% during the first quarter. GAMMA Investing LLC now owns 7,247 shares of the technology company's stock valued at $88,000 after buying an additional 7,126 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Daktronics during the first quarter valued at $121,000. KLP Kapitalforvaltning AS purchased a new position in Daktronics during the fourth quarter valued at $125,000. Finally, Janney Montgomery Scott LLC purchased a new position in Daktronics during the first quarter valued at $135,000. 61.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, major shareholder Fox Opportunities Fund L. Alta sold 1,000,000 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $14.90, for a total transaction of $14,900,000.00. Following the sale, the insider directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.50% of the company's stock.

Daktronics Stock Performance

NASDAQ: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 256,024. Daktronics, Inc. has a one year low of $10.24 and a one year high of $19.89. 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 stock's fifty day moving average price is $15.53 and its 200-day moving average price is $14.58. The firm has a market cap of $834.87 million, a price-to-earnings ratio of -38.64, a price-to-earnings-growth ratio of 0.56 and a beta of 1.65.

Daktronics (NASDAQ:DAKT - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The technology company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 positive return on equity of 15.29% and a negative net margin of 1.34%. During the same quarter in the prior year, the firm earned $0.27 earnings per share. Research analysts anticipate that Daktronics, Inc. will post 0.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.