Mackenzie Financial Corp Purchases New Shares in Daktronics, Inc. (NASDAQ:DAKT)

Key Points

• Mackenzie Financial Corp recently acquired 83,237 shares of Daktronics, Inc., totaling approximately $1,014,000, representing 0.16% of the company.
• Major shareholder Fox Opportunities Fund L. Alta sold 1,000,000 shares at an average price of $14.90, resulting in a 16.74% reduction of their stake in Daktronics.
• Analysts have downgraded Daktronics' rating from "buy" to "hold," reflecting concerns over the company's recent performance.

Mackenzie Financial Corp purchased a new position in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 83,237 shares of the technology company's stock, valued at approximately $1,014,000. Mackenzie Financial Corp owned approximately 0.16% of Daktronics as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DAKT. Deutsche Bank AG grew its position in Daktronics by 55.8% in the fourth quarter. Deutsche Bank AG now owns 30,648 shares of the technology company's stock valued at $517,000 after purchasing an additional 10,977 shares in the last quarter. Barclays PLC boosted its stake in shares of Daktronics by 19.2% during the 4th quarter. Barclays PLC now owns 69,593 shares of the technology company's stock worth $1,172,000 after buying an additional 11,205 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Daktronics during the 1st quarter worth about $135,000. ProShare Advisors LLC bought a new position in shares of Daktronics in the 4th quarter valued at about $190,000. Finally, Victory Capital Management Inc. increased its position in shares of Daktronics by 29.8% in the first quarter. Victory Capital Management Inc. now owns 181,870 shares of the technology company's stock valued at $2,215,000 after acquiring an additional 41,731 shares during the last quarter. 61.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Daktronics

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 shares were sold at an average price of $14.90, for a total transaction 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. The trade was a 16.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.50% of the stock is owned by insiders.

Daktronics Stock Up 0.9%

DAKT traded up $0.15 during trading on Friday, reaching $17.00. 220,200 shares of the stock were exchanged, compared to its average volume of 427,573. Daktronics, Inc. has a twelve month low of $10.24 and a twelve month high of $19.89. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.60 and a current ratio of 2.22. The stock has a market cap of $834.87 million, a P/E ratio of -38.64, a price-to-earnings-growth ratio of 0.55 and a beta of 1.65. The stock's 50 day moving average price is $15.49 and its two-hundred day moving average price is $14.60.

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, hitting analysts' consensus estimates of $0.18. Daktronics had a positive return on equity of 15.29% and a negative net margin of 1.34%. The business had revenue of $172.55 million for the quarter, compared to analyst estimates of $189.10 million. During the same period in the previous year, the firm earned $0.27 EPS. Equities analysts expect that Daktronics, Inc. will post 0.96 EPS for the current 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.