Daktronics, Inc. (NASDAQ:DAKT) Sees Significant Increase in Short Interest

Daktronics, Inc. (NASDAQ:DAKT) was the recipient of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 1,390,000 shares, a growth of 7.8% from the December 15th total of 1,290,000 shares. Approximately 3.3% of the company’s shares are short sold. Based on an average daily volume of 478,800 shares, the short-interest ratio is currently 2.9 days.

Daktronics Trading Up 0.8 %

Shares of DAKT traded up $0.14 during trading hours on Monday, reaching $16.64. 220,628 shares of the company traded hands, compared to its average volume of 418,439. Daktronics has a 12 month low of $7.20 and a 12 month high of $19.89. The company has a market capitalization of $781.91 million, a price-to-earnings ratio of 66.56, a price-to-earnings-growth ratio of 0.56 and a beta of 1.17. The company’s fifty day moving average price is $16.49 and its two-hundred day moving average price is $14.68. The company has a quick ratio of 1.67, a current ratio of 2.35 and a debt-to-equity ratio of 0.40.

Analysts Set New Price Targets

Separately, StockNews.com raised Daktronics from a “hold” rating to a “buy” rating in a research note on Monday, October 14th.

Insider Transactions at Daktronics

In other news, Director John Patrick Friel sold 2,244 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $18.17, for a total transaction of $40,773.48. Following the completion of the sale, the director now directly owns 87,573 shares in the company, valued at approximately $1,591,201.41. This represents a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Reece A. Kurtenbach sold 8,048 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $18.75, for a total value of $150,900.00. Following the transaction, the chief executive officer now owns 469,727 shares in the company, valued at approximately $8,807,381.25. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Progeny 3 Inc. grew its position in shares of Daktronics by 140.0% in the 2nd quarter. Progeny 3 Inc. now owns 1,794,908 shares of the technology company’s stock worth $25,039,000 after buying an additional 1,047,156 shares during the period. Duquesne Family Office LLC boosted its stake in Daktronics by 20.3% during the second quarter. Duquesne Family Office LLC now owns 2,493,605 shares of the technology company’s stock worth $34,786,000 after acquiring an additional 420,161 shares in the last quarter. Foundry Partners LLC purchased a new stake in Daktronics in the third quarter worth about $4,101,000. Charles Schwab Investment Management Inc. increased its stake in shares of Daktronics by 76.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 451,873 shares of the technology company’s stock valued at $5,834,000 after purchasing an additional 195,830 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Daktronics by 27.5% during the second quarter. American Century Companies Inc. now owns 869,837 shares of the technology company’s stock valued at $12,134,000 after purchasing an additional 187,486 shares during the last quarter. Hedge funds and other institutional investors own 61.69% of the company’s stock.

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.