Globeflex Capital L P Buys Shares of 97,502 Daktronics, Inc. $DAKT

Key Points

• Globeflex Capital bought 97,502 shares of Daktronics worth approximately $1.9 million, acquiring a 0.20% stake. Institutional investors collectively own 61.69% of the company.
• Daktronics exceeded quarterly expectations, reporting $0.27 in EPS versus a $0.20 consensus estimate and revenue of $208.61 million versus $205.27 million expected.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $29 average price target, while two company insiders recently sold shares.

Globeflex Capital L P purchased a new stake in Daktronics, Inc. (NASDAQ:DAKT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 97,502 shares of the technology company's stock, valued at approximately $1,907,000. Globeflex Capital L P owned 0.20% of Daktronics at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP acquired a new position in Daktronics in the third quarter valued at approximately $25,000. Cornerstone Planning Group LLC purchased a new position in Daktronics in the first quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd increased its stake in Daktronics by 22,566.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,360 shares of the technology company's stock worth $27,000 after acquiring an additional 1,354 shares during the last quarter. USA Financial Formulas increased its stake in Daktronics by 3,057.8% during 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 during the 2nd quarter worth about $33,000. Institutional investors and hedge funds own 61.69% of the company's stock.

Daktronics Stock Performance

NASDAQ DAKT opened at $19.00 on Tuesday. The company has a market cap of $917.32 million, a P/E ratio of 20.88, a P/E/G ratio of 0.63 and a beta of 1.68. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.31 and a quick ratio of 1.74. The stock has a 50-day moving average of $20.07 and a two-hundred day moving average of $20.96. Daktronics, Inc. has a 1-year low of $16.78 and a 1-year high of $28.27.

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

Insider Buying and Selling at Daktronics

In other news, insider Sheila Mae Anderson sold 3,636 shares of Daktronics stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $20.01, for a total value of $72,756.36. Following the completion of the transaction, the insider owned 48,371 shares in the company, valued at approximately $967,903.71. This trade represents a 6.99% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Bradley T. Wiemann sold 4,000 shares of Daktronics 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 completion of the transaction, the executive vice president owned 125,946 shares of the company's stock, valued at $2,420,682.12. The trade was a 3.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 4.60% of the company's stock.

Wall Street Analysts Forecast Growth

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

About Daktronics

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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