Renaissance Technologies LLC Has $16.09 Million Stock Holdings in Daktronics, Inc. $DAKT

Key Points

• Renaissance Technologies increased its Daktronics stake by 13.1% in the first quarter, adding 95,393 shares and bringing its holdings to 822,854 shares valued at approximately $16.09 million. Institutional investors and hedge funds collectively own 61.69% of the company.
• Daktronics reported quarterly EPS of $0.27, beating expectations of $0.20, while revenue reached $208.61 million versus the $205.27 million consensus estimate. Analysts expect full-year EPS of $1.21.
• Shares opened at $19.77, well below the 12-month high of $28.27. Analyst sentiment is mixed, with an average rating of “Hold” and a $29.00 price target, while two company insiders recently sold shares.

Renaissance Technologies LLC increased its holdings in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 13.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 822,854 shares of the technology company's stock after buying an additional 95,393 shares during the quarter. Renaissance Technologies LLC owned 1.70% of Daktronics worth $16,087,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Daktronics by 0.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 72,856 shares of the technology company's stock worth $1,440,000 after acquiring an additional 519 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Daktronics by 7.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,601 shares of the technology company's stock valued at $210,000 after acquiring an additional 707 shares in the last quarter. Royal Bank of Canada grew its stake in Daktronics by 12.7% during the 4th quarter. Royal Bank of Canada now owns 6,430 shares of the technology company's stock valued at $127,000 after acquiring an additional 724 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of Daktronics by 3.2% in the 2nd quarter. Osaic Holdings Inc. now owns 23,638 shares of the technology company's stock valued at $357,000 after purchasing an additional 728 shares during the period. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Daktronics by 5.9% in the 4th quarter. Exchange Traded Concepts LLC now owns 13,195 shares of the technology company's stock valued at $261,000 after purchasing an additional 730 shares during the period. 61.69% of the stock is owned by institutional investors and hedge funds.

Daktronics Price Performance

Shares of DAKT opened at $19.77 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.74 and a current ratio of 2.31. The firm has a market cap of $954.50 million, a PE ratio of 21.73, a PEG ratio of 0.64 and a beta of 1.67. The firm's 50 day moving average price is $19.94 and its 200 day moving average price is $21.14. Daktronics, Inc. has a twelve month low of $15.59 and a twelve month high of $28.27.

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Wall Street Zen cut shares of Daktronics from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 4th. Roth Capital upped their price objective on shares of Daktronics from $26.00 to $29.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Zacks Research upgraded shares of Daktronics from a "strong sell" rating to a "hold" rating in a research report on Monday, June 15th. 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 research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Daktronics has an average rating of "Hold" and an average price target of $29.00.

Insider Buying and Selling at Daktronics

In related news, insider Sheila Mae Anderson sold 3,636 shares of Daktronics stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $20.01, for a total value of $72,756.36. Following the completion of the sale, the insider owned 48,371 shares of the company's stock, valued at approximately $967,903.71. The trade was a 6.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Bradley T. Wiemann sold 4,000 shares of the stock in a transaction on Friday, July 17th. The stock was sold at an average price of $19.22, for a total transaction of $76,880.00. Following the transaction, the executive vice president directly owned 125,946 shares in the company, valued at $2,420,682.12. The trade was a 3.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.30% of the stock is currently owned by insiders.

Daktronics Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.