Mackenzie Financial Corp Takes Position 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 acquired a new position in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 83,237 shares of the technology company's stock, valued at approximately $1,014,000. Mackenzie Financial Corp owned about 0.16% of Daktronics as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. boosted its stake in Daktronics by 29.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,192 shares of the technology company's stock worth $71,000 after buying an additional 965 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Daktronics by 5,889.3% in the 1st quarter. GAMMA Investing LLC now owns 7,247 shares of the technology company's stock valued at $88,000 after purchasing an additional 7,126 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of Daktronics in the 1st quarter valued at $121,000. KLP Kapitalforvaltning AS acquired a new position in shares of Daktronics in the 4th quarter valued at $125,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Daktronics in the 1st quarter valued at $135,000. Institutional investors and hedge funds own 61.69% of the company's stock.

Daktronics Trading Up 0.9%

Shares of Daktronics stock traded up $0.15 during trading hours on Friday, hitting $17.00. The company's stock had a trading volume of 220,500 shares, compared to its average volume of 256,024. Daktronics, Inc. has a twelve month low of $10.24 and a twelve month high of $19.89. The firm has a fifty day moving average of $15.53 and a 200-day moving average of $14.60. The stock has a market cap of $834.87 million, a price-to-earnings ratio of -38.64, a P/E/G ratio of 0.55 and a beta of 1.65. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.60 and a current ratio of 2.22.

Daktronics (NASDAQ:DAKT - Get Free Report) last posted its earnings results on Wednesday, June 25th. The technology company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. Daktronics had a positive return on equity of 15.29% and a negative net margin of 1.34%. 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 company earned $0.27 EPS. Research analysts forecast that Daktronics, Inc. will post 0.96 EPS for the current year.

Analyst Upgrades and Downgrades

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

Insider Transactions at Daktronics

In other Daktronics news, major shareholder Fox Opportunities Fund L. Alta sold 1,000,000 shares of the 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 sale, the insider owned 4,973,599 shares of the company's stock, valued at $74,106,625.10. This trade represents a 16.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.50% of the stock is owned by corporate insiders.

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.