Daktronics, Inc. (NASDAQ:DAKT) Sees Large Decline in Short Interest

Daktronics, Inc. (NASDAQ:DAKT) was the target of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 1,890,000 shares, a decrease of 36.4% from the October 31st total of 2,970,000 shares. Currently, 4.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 461,100 shares, the short-interest ratio is presently 4.1 days.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DAKT. Singular Research raised shares of Daktronics to a “strong-buy” rating in a report on Monday, September 9th. StockNews.com upgraded shares of Daktronics from a “hold” rating to a “buy” rating in a report on Monday, October 14th.

Daktronics Trading Up 2.5 %

DAKT stock traded up $0.38 during midday trading on Thursday, hitting $15.40. 261,654 shares of the company’s stock were exchanged, compared to its average volume of 494,937. Daktronics has a 1-year low of $7.20 and a 1-year high of $15.97. The business has a 50-day simple moving average of $13.63 and a two-hundred day simple moving average of $13.24. The stock has a market capitalization of $713.67 million, a PE ratio of 192.50, a P/E/G ratio of 0.55 and a beta of 1.14. The company has a current ratio of 2.17, a quick ratio of 1.48 and a debt-to-equity ratio of 0.48.

Daktronics (NASDAQ:DAKT) last issued its quarterly earnings data on Wednesday, September 4th. The technology company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.06. The firm had revenue of $226.09 million for the quarter, compared to analyst estimates of $216.84 million. Daktronics had a net margin of 1.29% and a return on equity of 19.92%. On average, sell-side analysts predict that Daktronics will post 0.89 EPS for the current fiscal year.

Insider Activity

In other Daktronics news, VP Matthew John Kurtenbach sold 15,400 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $13.28, for a total transaction of $204,512.00. Following the transaction, the vice president now owns 2,500 shares of the company’s stock, valued at approximately $33,200. The trade was a 86.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Bradley T. Wiemann sold 25,000 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $12.89, for a total value of $322,250.00. Following the completion of the sale, the executive vice president now directly owns 85,446 shares of the company’s stock, valued at $1,101,398.94. This trade represents a 22.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Daktronics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP increased its holdings in Daktronics by 75.6% in the 3rd quarter. Quarry LP now owns 2,297 shares of the technology company’s stock valued at $30,000 after purchasing an additional 989 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Daktronics by 92.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,309 shares of the technology company’s stock worth $32,000 after buying an additional 1,108 shares during the period. CWM LLC grew its stake in shares of Daktronics by 31.4% in the second quarter. CWM LLC now owns 3,646 shares of the technology company’s stock valued at $51,000 after buying an additional 872 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of Daktronics by 150.0% in the 2nd quarter. Hexagon Capital Partners LLC now owns 4,000 shares of the technology company’s stock valued at $56,000 after buying an additional 2,400 shares during the period. Finally, Virtus Fund Advisers LLC purchased a new stake in shares of Daktronics in the 3rd quarter valued at $75,000. 61.69% of the stock is owned by hedge funds and other institutional investors.

About Daktronics

Daktronics, Inc designs, manufactures, and sells electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial, and transportation applications in the United States and internationally. It operates through Commercial, Live Events, High School Park and Recreation, Transportation, and International segments.