Daktronics (NASDAQ:DAKT) Posts Earnings Results, Beats Expectations By $0.05 EPS

Daktronics (NASDAQ:DAKT) posted its quarterly earnings data on Wednesday. The technology company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.05, FiscalAI reports. Daktronics had a net margin of 5.41% and a return on equity of 17.62%. The business had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $230.27 million. During the same quarter in the prior year, the business posted $0.33 earnings per share.

Daktronics Stock Performance

NASDAQ DAKT opened at $19.36 on Wednesday. The firm has a market cap of $934.70 million, a P/E ratio of 21.27, a P/E/G ratio of 0.64 and a beta of 1.68. The business’s 50-day moving average price is $19.94 and its 200 day moving average price is $20.71. Daktronics has a 52-week low of $16.89 and a 52-week high of $28.27. The company has a quick ratio of 1.74, a current ratio of 2.31 and a debt-to-equity ratio of 0.18.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Zacks Research upgraded Daktronics from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. 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 report on Thursday, July 2nd. Weiss Ratings raised shares of Daktronics from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 25th. Finally, Wall Street Zen lowered Daktronics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 4th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.00.

Insider Transactions at Daktronics

In other Daktronics news, EVP Bradley T. 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 completion of the sale, the executive vice president owned 125,946 shares of the company’s stock, valued at approximately $2,420,682.12. The trade was a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sheila Mae Anderson sold 3,636 shares of Daktronics stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $20.01, for a total transaction of $72,756.36. Following the completion of the sale, the insider owned 48,371 shares of the company’s stock, valued at approximately $967,903.71. This trade represents a 6.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 4.60% of the company’s stock.

Institutional Trading of Daktronics

Several institutional investors have recently bought and sold shares of the stock. Quarry LP bought a new position in shares of Daktronics in the 3rd quarter valued at about $25,000. Caitong International Asset Management Co. Ltd raised its position in Daktronics by 22,566.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,360 shares of the technology company’s stock valued at $27,000 after purchasing an additional 1,354 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Daktronics by 204.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company’s stock valued at $46,000 after acquiring an additional 2,045 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Daktronics by 66.8% during the second quarter. BNP Paribas Financial Markets now owns 3,897 shares of the technology company’s stock worth $59,000 after purchasing an additional 1,561 shares during the period. Finally, Royal Bank of Canada raised its stake in Daktronics by 12.7% during the 4th quarter. Royal Bank of Canada now owns 6,430 shares of the technology company’s stock worth $127,000 after buying an additional 724 shares during the period. Institutional investors and hedge funds own 61.69% of the company’s stock.

About Daktronics

Daktronics, Inc (NASDAQ: DAKT) is a leading designer and manufacturer of electronic display systems, video boards, scoreboards and related control systems. Founded in 1968 in Brookings, South Dakota by Al Kurtenbach and Duane Sander, the company has built a reputation for delivering custom visual display solutions to a wide range of markets. Its product portfolio includes large-format LED video displays, programmable message centers, digital billboards, and audio-visual solutions tailored to sports venues, transportation authorities, retail environments and live event producers.

The company’s primary business activities encompass the engineering, fabrication and installation of display systems for customers around the world.