Daktronics (NASDAQ:DAKT) Hits New 1-Year Low – What’s Next?

Daktronics, Inc. (NASDAQ:DAKT)’s share price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $17.07 and last traded at $17.14, with a volume of 66984 shares trading hands. The stock had previously closed at $17.65.

Analyst Ratings Changes

Several research firms have commented on DAKT. Weiss Ratings restated a “hold (c+)” rating on shares of Daktronics in a research note on Tuesday. Zacks Research raised shares of Daktronics from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Wall Street Zen downgraded shares of Daktronics from a “buy” rating to a “hold” rating in a report on Saturday, September 5th. Roth Capital boosted their price objective on shares of Daktronics from $26.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Finally, Craig Hallum restated a “buy” rating and set a $33.00 target price on shares of Daktronics in a report on Thursday, September 3rd. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Daktronics currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Daktronics Trading Down 2.7%

The firm has a market cap of $825.76 million, a price-to-earnings ratio of 17.52, a P/E/G ratio of 0.58 and a beta of 1.68. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.17 and a quick ratio of 1.66. The business has a 50-day moving average of $19.45 and a 200-day moving average of $19.81.

Daktronics (NASDAQ:DAKT) last issued its quarterly earnings results on Wednesday, September 2nd. The technology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.35 by $0.05. The firm had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $230.27 million. Daktronics had a return on equity of 18.05% and a net margin of 5.66%.During the same period in the prior year, the firm posted $0.33 earnings per share. Research analysts anticipate that Daktronics, Inc. will post 1.24 EPS for the current year.

Insider Activity at Daktronics

In related news, EVP Bradley T. Wiemann sold 4,000 shares of the business’s stock in a transaction on Friday, July 17th. The shares were 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 approximately $2,420,682.12. The trade was a 3.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sheila Anderson sold 3,636 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $20.01, for a total transaction of $72,756.36. Following the sale, the insider directly owned 48,371 shares in the company, valued at $967,903.71. This trade represents a 6.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Daktronics in the 2nd quarter valued at about $68,158,000. Breach Inlet Capital Management LLC grew its holdings in Daktronics by 32.8% during the fourth quarter. Breach Inlet Capital Management LLC now owns 1,272,552 shares of the technology company’s stock worth $25,158,000 after purchasing an additional 314,133 shares during the period. Bank of New York Mellon Corp bought a new position in Daktronics during the second quarter worth about $17,992,000. Renaissance Technologies LLC increased its position in Daktronics by 13.1% during the first quarter. Renaissance Technologies LLC now owns 822,854 shares of the technology company’s stock worth $16,087,000 after buying an additional 95,393 shares during the last quarter. Finally, Hillsdale Investment Management Inc. increased its position in Daktronics by 161.2% during the first quarter. Hillsdale Investment Management Inc. now owns 392,089 shares of the technology company’s stock worth $7,665,000 after buying an additional 241,969 shares during the last quarter. Institutional investors own 61.69% of the company’s stock.

Daktronics Company Profile

Daktronics, Inc designs, manufactures and sells electronic display and control systems. Its products include large-format LED video displays, digital scoreboards, message centers, digital signage, display controllers and related audio systems.

The company serves sports and entertainment venues, schools and universities, commercial and retail organizations, transportation facilities, government institutions and other customers that use visual communications. Daktronics also provides installation, maintenance, content management and other support services for its display systems.

Founded in 1968 and headquartered in Brookings, South Dakota, Daktronics serves customers in the United States and international markets.