Daktronics (NASDAQ:DAKT) Shares Down 4.2% – Time to Sell?

Daktronics, Inc. (NASDAQ:DAKT)’s share price dropped 4.2% during mid-day trading on Tuesday. The stock traded as low as $20.75 and last traded at $20.0780. Approximately 9,580 shares changed hands during trading, a decline of 98% from the average session volume of 504,579 shares. The stock had previously closed at $20.96.

Analysts Set New Price Targets

A number of brokerages have issued reports on DAKT. Roth Capital lifted their price target on Daktronics from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Daktronics in a report on Tuesday, September 22nd. Wall Street Zen raised Daktronics from a “hold” rating to a “buy” rating in a research report on Saturday, September 26th. Zacks Research raised Daktronics from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th. Finally, Craig Hallum restated a “buy” rating and set a $33.00 target price on shares of Daktronics in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $31.00.

Daktronics Stock Down 3.8%

The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.66 and a current ratio of 2.17. The firm has a market capitalization of $969.73 million, a price-to-earnings ratio of 20.60, a PEG ratio of 0.64 and a beta of 1.68. The firm has a fifty day moving average price of $18.55 and a 200 day moving average price of $20.47.

Daktronics (NASDAQ:DAKT) last posted its quarterly earnings results on Wednesday, September 2nd. The technology company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.05. The company had revenue of $234.57 million during the quarter, compared to the consensus estimate of $230.27 million. Daktronics had a net margin of 5.66% and a return on equity of 18.05%. During the same period last year, the firm earned $0.33 EPS. As a group, sell-side analysts expect that Daktronics, Inc. will post 1.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Daktronics

Hedge funds have recently made changes to their positions in the stock. Cornerstone Planning Group LLC acquired a new position in shares of Daktronics in the 1st quarter valued at about $26,000. USA Financial Formulas lifted its stake in shares of Daktronics by 3,057.8% in the first quarter. USA Financial Formulas now owns 1,421 shares of the technology company’s stock worth $28,000 after acquiring an additional 1,376 shares in the last quarter. Sterling Capital Management LLC boosted its stake in shares of Daktronics by 949.3% during the 3rd quarter. Sterling Capital Management LLC now owns 1,469 shares of the technology company’s stock valued at $26,000 after buying an additional 1,329 shares during the last quarter. State of Wyoming bought a new stake in shares of Daktronics in the 2nd quarter worth about $33,000. Finally, IFP Advisors Inc increased its holdings in Daktronics by 231.6% in the second quarter. IFP Advisors Inc now owns 3,270 shares of the technology company’s stock valued at $64,000 after buying an additional 2,284 shares during the last quarter. Institutional investors and hedge funds own 61.69% of the company’s stock.

Daktronics Company Profile

Daktronics, Inc designs and manufactures electronic display and audiovisual communication systems. Its products include large-format LED video displays, digital scoreboards, message centers, programmable display systems, control systems and related software. The company also provides installation, maintenance, content management and other support services for its display solutions.

Its products are used in sports venues, schools and universities, commercial properties, retail locations, transportation facilities and public spaces.