Daktronics (NASDAQ:DAKT) Shares Gap Down Following Weak Earnings

Daktronics, Inc. (NASDAQ:DAKT) gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $24.88, but opened at $22.59. Daktronics shares last traded at $22.31, with a volume of 238,232 shares traded.

The technology company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.12). The company had revenue of $181.87 million during the quarter, compared to the consensus estimate of $181.00 million. Daktronics had a net margin of 0.96% and a return on equity of 15.42%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Zacks Research lowered shares of Daktronics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Daktronics in a research note on Monday, December 29th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold”.

Hedge Funds Weigh In On Daktronics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP bought a new stake in Daktronics in the 3rd quarter valued at about $25,000. Caitong International Asset Management Co. Ltd grew its stake in Daktronics by 22,566.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,360 shares of the technology company’s stock valued at $27,000 after acquiring an additional 1,354 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of Daktronics during the third quarter valued at approximately $43,000. Clearstead Advisors LLC acquired a new position in shares of Daktronics during the fourth quarter worth approximately $57,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Daktronics by 204.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company’s stock worth $46,000 after purchasing an additional 2,045 shares in the last quarter. Institutional investors own 61.69% of the company’s stock.

Daktronics Trading Down 9.8%

The firm’s 50-day moving average is $23.20 and its 200-day moving average is $20.62. The company has a current ratio of 2.23, a quick ratio of 1.71 and a debt-to-equity ratio of 0.18. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 172.55, a P/E/G ratio of 0.78 and a beta of 1.70.

About Daktronics

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.