Daktronics, Inc. $DAKT Stock Holdings Lifted by Breach Inlet Capital Management LLC

Key Points

• Breach Inlet Capital Management LLC increased its stake in Daktronics, Inc. by 82.6% in Q1, now owning over 1.6 million shares valued at approximately $20.2 million.
• Several large institutional investors, including Deutsche Bank and Janney Montgomery Scott LLC, have also increased their holdings in Daktronics recently.
• The company's stock has seen mixed analyst ratings, with one firm downgrading it from a "buy" to a "hold," while maintaining an average target price of $26.00.

Breach Inlet Capital Management LLC raised its position in Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 82.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,656,758 shares of the technology company's stock after purchasing an additional 749,444 shares during the quarter. Daktronics accounts for approximately 11.5% of Breach Inlet Capital Management LLC's portfolio, making the stock its 3rd largest holding. Breach Inlet Capital Management LLC owned about 3.32% of Daktronics worth $20,179,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of DAKT. Alta Fox Capital Management LLC raised its holdings in shares of Daktronics by 94.3% during the 1st quarter. Alta Fox Capital Management LLC now owns 5,973,599 shares of the technology company's stock valued at $72,758,000 after buying an additional 2,899,263 shares during the period. Bank of New York Mellon Corp grew its position in shares of Daktronics by 466.6% in the 1st quarter. Bank of New York Mellon Corp now owns 1,344,442 shares of the technology company's stock worth $16,375,000 after acquiring an additional 1,107,157 shares in the last quarter. Pacer Advisors Inc. acquired a new position in shares of Daktronics in the 1st quarter worth approximately $4,631,000. Nuveen LLC acquired a new position in Daktronics during the 1st quarter valued at approximately $1,688,000. Finally, American Century Companies Inc. boosted its position in Daktronics by 9.1% during the 1st quarter. American Century Companies Inc. now owns 1,514,624 shares of the technology company's stock valued at $18,448,000 after purchasing an additional 126,340 shares during the period. 61.69% of the stock is currently owned by hedge funds and other institutional investors.

Daktronics Trading Up 1.8%

Shares of Daktronics stock traded up $0.31 on Monday, reaching $17.69. 85,231 shares of the company were exchanged, compared to its average volume of 409,234. The stock has a fifty day moving average price of $16.64 and a 200-day moving average price of $14.65. The firm has a market capitalization of $868.69 million, a price-to-earnings ratio of -40.26, a price-to-earnings-growth ratio of 0.57 and a beta of 1.69. The company has a current ratio of 2.22, a quick ratio of 1.60 and a debt-to-equity ratio of 0.19. Daktronics, Inc. has a fifty-two week low of $10.24 and a fifty-two week high of $19.89.

Daktronics (NASDAQ:DAKT - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The technology company reported $0.18 earnings per share for the quarter, meeting analysts' consensus estimates of $0.18. Daktronics had a positive return on equity of 15.29% and a negative net margin of 1.34%.The business had revenue of $172.55 million for the quarter, compared to the consensus estimate of $189.10 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. On average, analysts expect that Daktronics, Inc. will post 0.96 EPS for the current year.

Insider Buying and Selling at Daktronics

In other Daktronics news, insider Sheila Mae Anderson sold 3,839 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $16.86, for a total value of $64,725.54. Following the transaction, the insider owned 39,495 shares in the company, valued at $665,885.70. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 5.30% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.