Duquesne Family Office LLC Has $37.36 Million Stake in Daktronics, Inc. $DAKT

Key Points

• Duquesne Family Office LLC increased its stake in Daktronics, Inc. by 16.9%, now holding approximately 3,067,625 shares, valued at around $37.4 million.
• Institutional ownership of Daktronics is significant, with 61.69% of the stock held by hedge funds and other institutions, including notable increases from Alta Fox Capital and Breach Inlet Capital.
• Analysts have recently downgraded Daktronics from a "buy" to a "hold" rating, with a current consensus rating of "Strong Buy" and an average price target of $26.00.

Duquesne Family Office LLC increased its position in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 16.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,067,625 shares of the technology company's stock after buying an additional 442,520 shares during the quarter. Daktronics accounts for 1.2% of Duquesne Family Office LLC's portfolio, making the stock its 25th biggest holding. Duquesne Family Office LLC owned approximately 6.15% of Daktronics worth $37,364,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in Daktronics during the fourth quarter valued at approximately $760,000. MetLife Investment Management LLC grew its stake in shares of Daktronics by 16.2% during the fourth quarter. MetLife Investment Management LLC now owns 25,195 shares of the technology company's stock worth $425,000 after purchasing an additional 3,517 shares during the period. Stifel Financial Corp grew its stake in shares of Daktronics by 35.3% during the fourth quarter. Stifel Financial Corp now owns 97,919 shares of the technology company's stock worth $1,651,000 after purchasing an additional 25,530 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Daktronics by 31.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,599 shares of the technology company's stock valued at $263,000 after buying an additional 3,746 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Daktronics by 14.4% in the 4th quarter. Northern Trust Corp now owns 409,577 shares of the technology company's stock valued at $6,905,000 after buying an additional 51,643 shares during the period. 61.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Sheila Mae Anderson sold 3,839 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $16.86, for a total transaction of $64,725.54. Following the sale, the insider owned 39,495 shares in the company, valued at approximately $665,885.70. This trade represents a 8.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 5.30% of the company's stock.

Daktronics Stock Performance

Shares of NASDAQ:DAKT traded down $0.16 on Tuesday, reaching $17.46. 146,796 shares of the company's stock were exchanged, compared to its average volume of 408,899. The company has a fifty day moving average of $16.69 and a 200-day moving average of $14.66. Daktronics, Inc. has a twelve month low of $10.24 and a twelve month high of $19.89. The company has a market capitalization of $857.64 million, a price-to-earnings ratio of -39.73, a PEG 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 (NASDAQ:DAKT - Get Free Report) last announced its earnings results on Wednesday, June 25th. The technology company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.18. Daktronics had a negative net margin of 1.34% and a positive return on equity of 15.29%. The firm had revenue of $172.55 million for the quarter, compared to analyst estimates of $189.10 million. During the same quarter in the prior year, the business posted $0.27 EPS. On average, research analysts predict that Daktronics, Inc. will post 0.96 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Daktronics Profile

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.