Pacer Advisors Inc. Takes $4.63 Million Position in Daktronics, Inc. (NASDAQ:DAKT)

Key Points

• Pacer Advisors Inc. acquired a new position in Daktronics, Inc. (NASDAQ:DAKT) worth approximately $4.63 million, purchasing 380,218 shares.
• Several hedge funds, including Summit Investment Advisors and GAMMA Investing LLC, have significantly increased their holdings in Daktronics, with institutional investors owning 61.69% of the company's stock.
• Wall Street Zen upgraded Daktronics from a "hold" rating to a "buy" rating, indicating a positive outlook for the stock.

Pacer Advisors Inc. acquired a new stake in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 380,218 shares of the technology company's stock, valued at approximately $4,631,000. Pacer Advisors Inc. owned approximately 0.73% of Daktronics as of its most recent SEC filing.

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

Insider Activity at Daktronics

In related news, major shareholder Fox Opportunities Fund L. Alta sold 1,000,000 shares of the company's 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 transaction, the insider directly owned 4,973,599 shares in the company, valued at approximately $74,106,625.10. This represents a 16.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.50% of the company's stock.

Daktronics Trading Down 0.6%

DAKT traded down $0.11 on Friday, hitting $16.12. The company had a trading volume of 122,048 shares, compared to its average volume of 434,714. The business's fifty day simple moving average is $15.36 and its 200 day simple moving average is $14.60. The company has a quick ratio of 1.60, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. Daktronics, Inc. has a 12-month low of $10.24 and a 12-month high of $19.89. The company has a market cap of $791.46 million, a PE ratio of -36.68, a PEG ratio of 0.54 and a beta of 1.60.

Daktronics (NASDAQ:DAKT - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $172.55 million during the quarter, compared to the consensus estimate of $189.10 million. Daktronics had a positive return on equity of 15.29% and a negative net margin of 1.34%. During the same period last year, the company earned $0.27 earnings per share. Equities research analysts expect that Daktronics, Inc. will post 0.96 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Daktronics from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th.

Daktronics 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.