Wall Street Zen Upgrades Daktronics (NASDAQ:DAKT) to Strong-Buy

Key Points

• Wall Street Zen upgraded Daktronics from a "buy" to a "strong-buy" rating, indicating increased confidence in the company's stock potential.
• Zacks Research also upgraded Daktronics to a "strong-buy" rating, contributing to an overall rating of "Strong Buy" with a target price of $26.00.
• In the latest quarter, Daktronics reported an EPS of $0.33, surpassing expectations and achieving a revenue of $218.97 million, which is significantly above analyst estimates.

Daktronics (NASDAQ:DAKT - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued to investors on Sunday.

Separately, Zacks Research upgraded Daktronics from a "hold" rating to a "strong-buy" rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Strong Buy" and an average target price of $26.00.

Daktronics Stock Performance

Shares of DAKT opened at $23.39 on Friday. The business's fifty day simple moving average is $17.06 and its two-hundred day simple moving average is $14.82. The company has a current ratio of 2.07, a quick ratio of 1.60 and a debt-to-equity ratio of 0.19. Daktronics has a 12 month low of $10.24 and a 12 month high of $23.69. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 34.97, a P/E/G ratio of 0.68 and a beta of 1.69.

Daktronics (NASDAQ:DAKT - Get Free Report) last issued its quarterly earnings data on Wednesday, September 10th. The technology company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.24 by $0.09. The company had revenue of $218.97 million during the quarter, compared to analyst estimates of $196.90 million. Daktronics had a return on equity of 14.64% and a net margin of 1.51%. Research analysts anticipate that Daktronics will post 0.96 earnings per share for the current fiscal year.

Insider Transactions at Daktronics

In other Daktronics news, insider Sheila Mae Anderson sold 3,839 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $16.86, for a total transaction of $64,725.54. Following the transaction, the insider owned 39,495 shares in the company, valued at approximately $665,885.70. The trade was a 8.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. increased its holdings in Daktronics by 204.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company's stock valued at $46,000 after buying an additional 2,045 shares in the last quarter. Quaker Wealth Management LLC increased its holdings in Daktronics by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 3,800 shares of the technology company's stock valued at $57,000 after buying an additional 7,600 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Daktronics by 66.8% in the second quarter. BNP Paribas Financial Markets now owns 3,897 shares of the technology company's stock valued at $59,000 after buying an additional 1,561 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in Daktronics in the second quarter valued at about $62,000. Finally, Farther Finance Advisors LLC purchased a new position in Daktronics in the second quarter valued at about $79,000. 61.69% of the stock is owned by hedge funds and other institutional investors.

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.

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