Wall Street Zen Upgrades Daktronics (NASDAQ:DAKT) to “Buy”

Daktronics (NASDAQ:DAKT) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other equities analysts also recently issued reports about the company. Zacks Research raised Daktronics from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Craig Hallum restated a “buy” rating and issued a $33.00 price target on shares of Daktronics in a research note on Thursday, September 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Daktronics in a report on Tuesday, September 22nd. Finally, Roth Capital increased their price objective on Daktronics from $26.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

Daktronics Price Performance

Shares of NASDAQ:DAKT opened at $17.02 on Friday. Daktronics has a fifty-two week low of $16.97 and a fifty-two week high of $28.27. The company has a quick ratio of 1.66, a current ratio of 2.17 and a debt-to-equity ratio of 0.17. The firm’s 50-day simple moving average is $19.37 and its 200-day simple moving average is $19.75. The company has a market cap of $818.49 million, a price-to-earnings ratio of 17.37, a PEG ratio of 0.55 and a beta of 1.68.

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

Insiders Place Their Bets

In related news, insider Sheila Anderson sold 3,636 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $20.01, for a total value of $72,756.36. Following the sale, the insider directly owned 48,371 shares in the company, valued at $967,903.71. The trade was a 6.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Bradley T. Wiemann sold 4,000 shares of the stock in a transaction dated Friday, July 17th. The shares were 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 directly owned 125,946 shares in the company, valued at approximately $2,420,682.12. The trade was a 3.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 4.60% of the company’s stock.

Institutional Trading of Daktronics

Institutional investors and hedge funds have recently modified their holdings of the business. IFP Advisors Inc raised its position in shares of Daktronics by 231.6% during the 2nd quarter. IFP Advisors Inc now owns 3,270 shares of the technology company’s stock worth $64,000 after purchasing an additional 2,284 shares during the last quarter. Corient Private Wealth LP lifted its stake in Daktronics by 38.4% in the 2nd quarter. Corient Private Wealth LP now owns 18,237 shares of the technology company’s stock valued at $357,000 after buying an additional 5,063 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Daktronics during the 2nd quarter valued at $328,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Daktronics by 10.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,747 shares of the technology company’s stock valued at $1,638,000 after buying an additional 8,143 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in Daktronics during the second quarter worth $1,374,000. Hedge funds and other 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.