Victory Capital Management Inc. Has $2.22 Million Stock Position in Daktronics, Inc. (NASDAQ:DAKT)

Key Points

• Victory Capital Management Inc. increased its holdings in Daktronics, Inc. by 29.8% in Q1, now owning 181,870 shares valued at approximately $2.2 million.
• Other institutional investors, such as Principal Financial Group Inc. and SummerHaven Investment Management LLC, also reported increases in their stakes in Daktronics during the first quarter of the year.
• Analysts upgraded Daktronics from a "hold" rating to a "buy" rating, indicating potential positive sentiment in the market regarding the company's performance.

Victory Capital Management Inc. grew its stake in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 29.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 181,870 shares of the technology company's stock after purchasing an additional 41,731 shares during the quarter. Victory Capital Management Inc. owned approximately 0.35% of Daktronics worth $2,215,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Alta Fox Capital Management LLC raised its holdings in Daktronics by 310.7% during the fourth quarter. Alta Fox Capital Management LLC now owns 3,074,336 shares of the technology company's stock worth $51,833,000 after purchasing an additional 2,325,779 shares in the last quarter. Duquesne Family Office LLC increased its holdings in shares of Daktronics by 2.2% in the 4th quarter. Duquesne Family Office LLC now owns 2,625,105 shares of the technology company's stock valued at $44,259,000 after acquiring an additional 56,750 shares during the period. Vanguard Group Inc. increased its holdings in shares of Daktronics by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 2,450,964 shares of the technology company's stock valued at $41,323,000 after acquiring an additional 11,099 shares during the period. Progeny 3 Inc. increased its holdings in shares of Daktronics by 4.7% in the 4th quarter. Progeny 3 Inc. now owns 2,391,008 shares of the technology company's stock valued at $40,312,000 after acquiring an additional 106,400 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Daktronics by 466.6% in the 1st quarter. Bank of New York Mellon Corp now owns 1,344,442 shares of the technology company's stock valued at $16,375,000 after acquiring an additional 1,107,157 shares during the period. Institutional investors and hedge funds own 61.69% of the company's stock.

Insiders Place Their Bets

In other 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 completion of the transaction, the insider owned 4,973,599 shares of the company's stock, valued at $74,106,625.10. This represents a 16.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 5.50% of the company's stock.

Daktronics Price Performance

Shares of NASDAQ DAKT traded down $0.03 during trading on Friday, hitting $16.19. 99,702 shares of the company were exchanged, compared to its average volume of 434,541. The company has a market cap of $795.14 million, a price-to-earnings ratio of -36.89, a PEG ratio of 0.54 and a beta of 1.60. Daktronics, Inc. has a 1 year low of $10.24 and a 1 year high of $19.89. The firm's fifty day moving average price is $15.36 and its 200 day moving average price is $14.60. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.60.

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

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Daktronics from a "hold" rating to a "buy" rating in a 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.