Daktronics (NASDAQ:DAKT) Posts Quarterly Earnings Results, Misses Expectations By $0.12 EPS

Daktronics (NASDAQ:DAKT) posted its earnings results on Wednesday. The technology company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.12), FiscalAI reports. The firm had revenue of $181.87 million during the quarter, compared to the consensus estimate of $181.00 million. Daktronics had a return on equity of 15.42% and a net margin of 0.96%.

Daktronics Price Performance

Shares of Daktronics stock traded down $3.04 during midday trading on Wednesday, reaching $21.84. The company had a trading volume of 312,533 shares, compared to its average volume of 503,190. 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 stock has a fifty day simple moving average of $23.20 and a 200 day simple moving average of $20.62. Daktronics has a 1-year low of $10.24 and a 1-year high of $28.27. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 168.01, a price-to-earnings-growth ratio of 0.78 and a beta of 1.70.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on DAKT shares. Weiss Ratings restated a “hold (c)” rating on shares of Daktronics in a research report on Monday, December 29th. Zacks Research cut shares of Daktronics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 18th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold”.

Institutional Investors Weigh In On Daktronics

Several hedge funds and other institutional investors have recently made changes to their positions in DAKT. Invesco Ltd. raised its position in shares of Daktronics by 399.2% during the second quarter. Invesco Ltd. now owns 510,243 shares of the technology company’s stock worth $7,715,000 after acquiring an additional 408,037 shares during the last quarter. Boston Partners bought a new stake in Daktronics during the 4th quarter worth about $6,248,000. AQR Capital Management LLC raised its holdings in Daktronics by 322.5% during the 4th quarter. AQR Capital Management LLC now owns 314,874 shares of the technology company’s stock worth $6,225,000 after purchasing an additional 240,349 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Daktronics by 533.1% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 258,320 shares of the technology company’s stock valued at $5,404,000 after purchasing an additional 217,520 shares during the period. Finally, Progeny 3 Inc. boosted its stake in shares of Daktronics by 7.3% in the 2nd quarter. Progeny 3 Inc. now owns 2,650,037 shares of the technology company’s stock valued at $40,069,000 after purchasing an additional 179,529 shares during the last quarter. 61.69% of the stock is owned by institutional investors and hedge funds.

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.