Duquesne Family Office LLC Boosts Holdings 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 boosted 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 filing with the Securities and Exchange Commission. The firm owned 3,067,625 shares of the technology company's stock after acquiring an additional 442,520 shares during the period. Daktronics accounts for about 1.2% of Duquesne Family Office LLC's investment portfolio, making the stock its 25th largest position. Duquesne Family Office LLC owned about 6.15% of Daktronics worth $37,364,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alta Fox Capital Management LLC raised its stake in 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 worth $72,758,000 after acquiring an additional 2,899,263 shares during the period. Vanguard Group Inc. raised its stake in Daktronics by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 2,475,948 shares of the technology company's stock worth $30,157,000 after acquiring an additional 24,984 shares during the period. Progeny 3 Inc. raised its stake in Daktronics by 4.7% during the 4th quarter. Progeny 3 Inc. now owns 2,391,008 shares of the technology company's stock worth $40,312,000 after acquiring an additional 106,400 shares during the period. Breach Inlet Capital Management LLC raised its stake in Daktronics by 82.6% during the 1st quarter. Breach Inlet Capital Management LLC now owns 1,656,758 shares of the technology company's stock worth $20,179,000 after acquiring an additional 749,444 shares during the period. Finally, American Century Companies Inc. raised its stake 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 worth $18,448,000 after acquiring an additional 126,340 shares during the period. Institutional investors own 61.69% of the company's stock.

Insider Buying and Selling at Daktronics

In related news, insider Sheila Mae Anderson sold 3,839 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $16.86, for a total value of $64,725.54. Following the completion of the transaction, the insider directly owned 39,495 shares of the company's stock, valued at approximately $665,885.70. This trade represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 5.30% of the company's stock.

Daktronics Price Performance

Shares of DAKT stock traded up $0.24 on Monday, reaching $17.62. The company's stock had a trading volume of 286,656 shares, compared to its average volume of 410,476. The stock's fifty day simple moving average is $16.64 and its 200-day simple moving average is $14.65. Daktronics, Inc. has a 1 year low of $10.24 and a 1 year high of $19.89. The company has a current ratio of 2.22, a quick ratio of 1.60 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $865.49 million, a price-to-earnings ratio of -40.05, a price-to-earnings-growth ratio of 0.57 and a beta of 1.69.

Daktronics (NASDAQ:DAKT - Get Free Report) last posted its 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 negative net margin of 1.34% and a positive return on equity of 15.29%. The firm had revenue of $172.55 million during the quarter, compared to analyst estimates of $189.10 million. During the same period last year, the firm posted $0.27 earnings per share. Analysts forecast that Daktronics, Inc. will post 0.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of 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 issued a Buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Strong Buy" and a consensus target price 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.