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

Daktronics, Inc. (NASDAQ:DAKT) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 2,020,000 shares, an increase of 24.7% from the February 28th total of 1,620,000 shares. Approximately 4.6% of the shares of the company are sold short. Based on an average daily volume of 443,700 shares, the days-to-cover ratio is currently 4.6 days.

Daktronics Stock Up 1.2 %

Shares of DAKT opened at $12.18 on Tuesday. Daktronics has a 52 week low of $8.81 and a 52 week high of $19.89. The firm has a market capitalization of $637.46 million, a P/E ratio of 48.72, a P/E/G ratio of 0.57 and a beta of 1.12. The company has a 50-day simple moving average of $14.80 and a 200-day simple moving average of $14.92. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.67 and a current ratio of 2.35.

Insider Buying and Selling

In other news, Director Andrew David Siegel purchased 7,200 shares of the firm’s stock in a transaction on Monday, March 31st. The stock was bought at an average cost of $11.82 per share, for a total transaction of $85,104.00. Following the completion of the acquisition, the director now directly owns 40,946 shares of the company’s stock, valued at approximately $483,981.72. The trade was a 21.34 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of Daktronics

Several institutional investors have recently modified their holdings of DAKT. Quarry LP lifted its position in Daktronics by 75.6% in the third quarter. Quarry LP now owns 2,297 shares of the technology company’s stock worth $30,000 after purchasing an additional 989 shares during the period. Summit Investment Advisors Inc. raised its stake in shares of Daktronics by 29.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,192 shares of the technology company’s stock valued at $71,000 after buying an additional 965 shares in the last quarter. Virtus Fund Advisers LLC acquired a new stake in Daktronics during the third quarter valued at approximately $75,000. KLP Kapitalforvaltning AS acquired a new stake in Daktronics in the 4th quarter valued at $125,000. Finally, Knott David M Jr bought a new stake in shares of Daktronics in the 4th quarter worth about $132,000. Institutional investors and hedge funds own 61.69% of the company’s stock.

Analysts Set New Price Targets

Separately, Craig Hallum assumed coverage on Daktronics in a research report on Wednesday, January 22nd. They issued a “buy” rating and a $26.00 price target on the 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.