Daktronics, Inc. $DAKT Shares Acquired by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has increased its stake in Daktronics, Inc. by 1.0%, now owning approximately 4.73% of the company, valued at around $30.16 million.
• Other institutional investors have also raised their holdings in Daktronics, contributing to a total of 61.69% of the company's stock being owned by institutional investors and hedge funds.
• Despite reporting earnings per share of $0.18 for the last quarter, Daktronics' revenue fell short of analyst estimates, prompting Wall Street Zen to downgrade its rating from "buy" to "hold."

Vanguard Group Inc. grew its stake in Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,475,948 shares of the technology company's stock after purchasing an additional 24,984 shares during the quarter. Vanguard Group Inc. owned approximately 4.73% of Daktronics worth $30,157,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. SummerHaven Investment Management LLC grew its position in shares of Daktronics by 1.6% in the first quarter. SummerHaven Investment Management LLC now owns 56,355 shares of the technology company's stock valued at $686,000 after purchasing an additional 876 shares during the period. Principal Financial Group Inc. grew its position in shares of Daktronics by 4.0% in the first quarter. Principal Financial Group Inc. now owns 23,311 shares of the technology company's stock valued at $284,000 after purchasing an additional 898 shares during the period. Gallagher Fiduciary Advisors LLC grew its position in shares of Daktronics by 18.1% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 14,793 shares of the technology company's stock valued at $249,000 after purchasing an additional 2,267 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Daktronics by 11.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,734 shares of the technology company's stock valued at $383,000 after purchasing an additional 2,407 shares during the period. Finally, XTX Topco Ltd grew its position in shares of Daktronics by 17.2% in the first quarter. XTX Topco Ltd now owns 17,469 shares of the technology company's stock valued at $213,000 after purchasing an additional 2,566 shares during the period. Institutional investors and hedge funds own 61.69% of the company's stock.

Insider Buying and Selling

In other Daktronics news, 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 transaction of $64,725.54. Following the transaction, the insider directly owned 39,495 shares of the company's stock, valued at $665,885.70. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Daktronics from a "buy" rating to a "hold" rating in a research note on Sunday, August 3rd. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Strong Buy" and a consensus price target of $26.00.

Daktronics Trading Down 0.6%

DAKT stock traded down $0.10 during trading on Monday, reaching $17.35. 217,754 shares of the stock were exchanged, compared to its average volume of 278,793. 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 business has a 50 day moving average price of $16.41 and a 200-day moving average price of $14.61. Daktronics, Inc. has a 1 year low of $10.24 and a 1 year high of $19.89. The firm has a market capitalization of $852.25 million, a price-to-earnings ratio of -39.43, a P/E/G ratio of 0.57 and a beta of 1.69.

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

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.