Daktronics (NASDAQ:DAKT) Stock Rating Raised to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Daktronics (NASDAQ:DAKT) from a hold rating to a buy rating in a research note published on Saturday morning,Wall Street Zen reports.

Other analysts also recently issued research reports about the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Daktronics in a research report on Tuesday. Zacks Research upgraded shares of Daktronics from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Craig Hallum reaffirmed a “buy” rating and issued a $33.00 target price on shares of Daktronics in a research note on Thursday, September 3rd. Finally, Roth Capital lifted their target price on shares of Daktronics from $26.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Daktronics Stock Down 1.1%

DAKT opened at $17.02 on Friday. Daktronics has a 12 month low of $16.97 and a 12 month high of $28.27. The company has a current ratio of 2.17, a quick ratio of 1.66 and a debt-to-equity ratio of 0.17. The business’s 50-day moving average price is $19.37 and its 200-day moving average price is $19.76. The company has a market cap of $818.49 million, a P/E ratio of 17.37, a P/E/G ratio of 0.55 and a beta of 1.68.

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

Insider Transactions at Daktronics

In related news, EVP Bradley Wiemann sold 4,000 shares of the business’s stock in a transaction dated Friday, July 17th. The stock was sold at an average price of $19.22, for a total transaction of $76,880.00. Following the transaction, the executive vice president owned 125,946 shares in the company, valued at $2,420,682.12. The trade was a 3.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sheila Anderson sold 3,636 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $20.01, for a total value of $72,756.36. Following the transaction, the insider directly owned 48,371 shares of the company’s stock, valued at $967,903.71. The trade was a 6.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Daktronics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Daktronics in the second quarter worth $68,158,000. Bank of New York Mellon Corp purchased a new position in Daktronics during the 2nd quarter valued at $17,992,000. Breach Inlet Capital Management LLC increased its position in Daktronics by 32.8% during the 4th quarter. Breach Inlet Capital Management LLC now owns 1,272,552 shares of the technology company’s stock valued at $25,158,000 after purchasing an additional 314,133 shares during the period. Hillsdale Investment Management Inc. raised its holdings in Daktronics by 161.2% in the 1st quarter. Hillsdale Investment Management Inc. now owns 392,089 shares of the technology company’s stock worth $7,665,000 after purchasing an additional 241,969 shares in the last quarter. Finally, Man Group plc bought a new position in Daktronics in the 2nd quarter worth $2,345,000. Institutional investors own 61.69% of the company’s stock.

About Daktronics

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.