LPL Financial LLC Increases Stock Holdings in Daktronics, Inc. $DAKT

Key Points

• LPL Financial LLC has increased its stake in Daktronics, Inc. by 20.4%, acquiring an additional 65,868 shares, bringing its total holdings to 389,072 shares valued at approximately $4.74 million.
• Several institutional investors have also shown increased or new interest in Daktronics, with notable increases from Summit Investment Advisors at 29.9% and GAMMA Investing LLC by an astonishing 5,889.3%.
• Wall Street analysts have downgraded Daktronics' rating from "buy" to "hold", reflecting a more cautious outlook on the company's prospects.

LPL Financial LLC raised its holdings in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 20.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 389,072 shares of the technology company's stock after purchasing an additional 65,868 shares during the period. LPL Financial LLC owned 0.74% of Daktronics worth $4,739,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Daktronics by 27.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,867 shares of the technology company's stock worth $242,000 after acquiring an additional 4,254 shares during the last quarter. HB Wealth Management LLC bought a new position in Daktronics during the 1st quarter worth $443,000. Pacer Advisors Inc. acquired a new position in Daktronics in the first quarter valued at about $4,631,000. Foundry Partners LLC raised its stake in Daktronics by 5.5% during the first quarter. Foundry Partners LLC now owns 516,046 shares of the technology company's stock worth $6,285,000 after acquiring an additional 26,959 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. acquired a new position in Daktronics during the first quarter worth about $256,000. Institutional investors own 61.69% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded Daktronics from a "buy" rating to a "hold" rating in a research note on Sunday, August 3rd.

Insiders Place Their Bets

In related news, major shareholder Fox Opportunities Fund L. Alta sold 1,000,000 shares of Daktronics stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $14.90, for a total value of $14,900,000.00. Following the completion of the sale, the insider owned 4,973,599 shares of the company's stock, valued at approximately $74,106,625.10. This trade represents a 16.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sheila Mae Anderson sold 3,839 shares of Daktronics stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $16.86, for a total value of $64,725.54. Following the sale, the insider owned 39,495 shares of the company's stock, valued at approximately $665,885.70. This trade represents a 8.86% decrease in their position. The disclosure for this sale can be found here. 5.30% of the stock is owned by insiders.

Daktronics Stock Down 0.1%

Shares of DAKT traded down $0.01 during trading hours on Monday, reaching $16.80. The stock had a trading volume of 32,296 shares, compared to its average volume of 422,353. Daktronics, Inc. has a 12 month low of $10.24 and a 12 month high of $19.89. The firm has a 50-day simple moving average of $15.87 and a 200 day simple moving average of $14.58. 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 $825.17 million, a price-to-earnings ratio of -38.15, a P/E/G ratio of 0.55 and a beta of 1.65.

Daktronics (NASDAQ:DAKT - Get Free Report) last posted its quarterly earnings data on Wednesday, June 25th. The technology company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.18. The firm had revenue of $172.55 million for the quarter, compared to the consensus estimate of $189.10 million. Daktronics had a negative net margin of 1.34% and a positive return on equity of 15.29%. During the same period in the previous year, the firm earned $0.27 EPS. Equities research analysts predict that Daktronics, Inc. will post 0.96 earnings per share for the current fiscal year.

Daktronics Company 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.