Daktronics, Inc. $DAKT Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 70,222 Daktronics shares in the second quarter, worth approximately $1.37 million and representing about 0.15% of the company. Institutional investors collectively own 61.69% of DAKT.
• Analyst sentiment is generally positive, with an average rating of “Moderate Buy” and a consensus price target of $31.00. Craig Hallum and Roth Capital maintained buy ratings with targets of $33 and $29, respectively.
• Daktronics exceeded quarterly expectations, reporting $0.40 in EPS versus a $0.35 estimate and revenue of $234.57 million versus a $230.27 million consensus. Shares opened at $17.61, near the company’s 52-week low of $16.77.

Bank of America Corp DE purchased a new position in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 70,222 shares of the technology company's stock, valued at approximately $1,374,000. Bank of America Corp DE owned about 0.15% of Daktronics as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DAKT. PNC Financial Services Group Inc. increased its stake in Daktronics by 13.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,712 shares of the technology company's stock worth $151,000 after buying an additional 898 shares in the last quarter. Cornerstone Planning Group LLC purchased a new position in shares of Daktronics in the first quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Daktronics by 22,566.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,360 shares of the technology company's stock valued at $27,000 after acquiring an additional 1,354 shares in the last quarter. USA Financial Formulas boosted its stake in shares of Daktronics by 3,057.8% in the first quarter. USA Financial Formulas now owns 1,421 shares of the technology company's stock worth $28,000 after acquiring an additional 1,376 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of Daktronics in the second quarter worth approximately $33,000. 61.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DAKT has been the subject of several recent research reports. Craig Hallum reissued a "buy" rating and issued a $33.00 price objective on shares of Daktronics in a research note on Thursday, September 3rd. Roth Capital increased their target price on shares of Daktronics from $26.00 to $29.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. Weiss Ratings reissued a "hold (c+)" rating on shares of Daktronics in a research note on Tuesday, September 22nd. Wall Street Zen upgraded shares of Daktronics from a "hold" rating to a "buy" rating in a research report on Saturday, September 26th. Finally, Zacks Research raised shares of Daktronics from a "strong sell" rating to a "hold" rating in a research note on Monday, June 15th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $31.00.

Daktronics Stock Performance

NASDAQ:DAKT opened at $17.61 on Friday. The company's 50-day moving average is $19.20 and its two-hundred day moving average is $19.65. Daktronics, Inc. has a 1-year low of $16.77 and a 1-year high of $28.27. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.17 and a quick ratio of 1.66. The firm has a market capitalization of $846.86 million, a price-to-earnings ratio of 17.97, a PEG ratio of 0.56 and a beta of 1.68.

Daktronics (NASDAQ:DAKT - Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The technology company reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.05. The business had revenue of $234.57 million during the quarter, compared to the consensus estimate of $230.27 million. Daktronics had a net margin of 5.66% and a return on equity of 18.05%. During the same quarter last year, the firm earned $0.33 EPS. Analysts forecast that Daktronics, Inc. will post 1.24 EPS for the current year.

Insiders Place Their Bets

In other Daktronics news, EVP Bradley Wiemann sold 4,000 shares of the firm's stock in a transaction on Friday, July 17th. The stock was sold at an average price of $19.22, for a total transaction of $76,880.00. Following the completion of the sale, the executive vice president owned 125,946 shares of the company's stock, valued at $2,420,682.12. This trade represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.60% of the company's stock.

Daktronics Company Profile

Daktronics, Inc designs, manufactures and sells electronic display and control systems. Its products include large-format LED video displays, digital scoreboards, message centers, digital signage, display controllers and related audio systems.

The company serves sports and entertainment venues, schools and universities, commercial and retail organizations, transportation facilities, government institutions and other customers that use visual communications. Daktronics also provides installation, maintenance, content management and other support services for its display systems.

Founded in 1968 and headquartered in Brookings, South Dakota, Daktronics serves customers in the United States and international markets.

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