Daktronics, Inc. $DAKT Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors reduced its Daktronics stake by 11.6%, selling 209,924 shares and retaining 1.60 million shares worth approximately $31.2 million, or 3.31% of the company.
• Analyst sentiment remains mixed: Daktronics has an overall “Hold” consensus with a $29 price target, while Roth Capital raised its target to $29 and maintained a “Buy” rating.
• Daktronics reported quarterly EPS of $0.27, exceeding estimates of $0.20, while revenue of $208.6 million also topped forecasts. The stock opened at $21.53, within a 12-month range of $15.59 to $28.27.

Dimensional Fund Advisors LP cut its position in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 11.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,597,384 shares of the technology company's stock after selling 209,924 shares during the period. Dimensional Fund Advisors LP owned approximately 3.31% of Daktronics worth $31,228,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Quarry LP acquired a new position in shares of Daktronics in the 3rd quarter valued at $25,000. Cornerstone Planning Group LLC purchased a new stake in shares of Daktronics during the first quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Daktronics by 22,566.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,360 shares of the technology company's stock worth $27,000 after purchasing an additional 1,354 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Daktronics by 204.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company's stock valued at $46,000 after acquiring an additional 2,045 shares during the last quarter. Finally, Clearstead Advisors LLC acquired a new stake in Daktronics during the 4th quarter worth $57,000. Hedge funds and other institutional investors own 61.69% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Roth Capital increased their price target on shares of Daktronics from $26.00 to $29.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Zacks Research raised shares of Daktronics from a "strong sell" rating to a "hold" rating in a research note on Monday, June 15th. Weiss Ratings upgraded shares of Daktronics from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 25th. Finally, Wall Street Zen cut Daktronics from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 4th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Daktronics has an average rating of "Hold" and a consensus price target of $29.00.

Insiders Place Their Bets

In other Daktronics news, EVP Bradley T. Wiemann sold 4,000 shares of the business's stock in a transaction dated Friday, July 17th. The shares were sold at an average price of $19.22, for a total value of $76,880.00. Following the sale, the executive vice president directly owned 125,946 shares in the company, valued at approximately $2,420,682.12. The trade was a 3.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sheila Mae Anderson sold 3,636 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $20.01, for a total value of $72,756.36. Following the sale, the insider owned 48,371 shares of the company's stock, valued at $967,903.71. This trade represents a 6.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 4.60% of the company's stock.

Daktronics Price Performance

Shares of DAKT stock opened at $21.53 on Wednesday. The firm has a fifty day simple moving average of $19.97 and a 200-day simple moving average of $21.14. The company has a current ratio of 2.31, a quick ratio of 1.74 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $1.04 billion, a PE ratio of 23.66, a price-to-earnings-growth ratio of 0.68 and a beta of 1.68. Daktronics, Inc. has a twelve month low of $15.59 and a twelve month high of $28.27.

Daktronics (NASDAQ:DAKT - Get Free Report) last announced its earnings results on Wednesday, June 24th. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.07. The business had revenue of $208.61 million for the quarter, compared to analyst estimates of $205.27 million. Daktronics had a return on equity of 17.62% and a net margin of 5.41%.During the same period in the previous year, the company earned ($0.19) earnings per share. Equities research analysts anticipate that Daktronics, Inc. will post 1.21 earnings per share for the current fiscal year.

Daktronics Profile

Daktronics, Inc NASDAQ: DAKT is a leading designer and manufacturer of electronic display systems, video boards, scoreboards and related control systems. Founded in 1968 in Brookings, South Dakota by Al Kurtenbach and Duane Sander, the company has built a reputation for delivering custom visual display solutions to a wide range of markets. Its product portfolio includes large-format LED video displays, programmable message centers, digital billboards, and audio-visual solutions tailored to sports venues, transportation authorities, retail environments and live event producers.

The company's primary business activities encompass the engineering, fabrication and installation of display systems for customers around the world.

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