Daktronics (NASDAQ:DAKT) Shares Gap Down Following Weak Earnings

Daktronics, Inc. (NASDAQ:DAKT) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $14.33, but opened at $11.05. Daktronics shares last traded at $11.84, with a volume of 314,457 shares trading hands.

The technology company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.09). Daktronics had a net margin of 3.62% and a return on equity of 19.61%.

Wall Street Analyst Weigh In

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

Insider Activity

In other Daktronics news, CEO Reece A. Kurtenbach sold 8,048 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $18.75, for a total transaction of $150,900.00. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Patrick Friel sold 2,244 shares of Daktronics stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $18.17, for a total value of $40,773.48. Following the completion of the sale, the director now directly owns 87,573 shares in the company, valued at $1,591,201.41. This represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Quarry LP raised its position 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 buying an additional 989 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in shares of Daktronics by 29.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,192 shares of the technology company’s stock worth $71,000 after acquiring an additional 965 shares in the last quarter. Virtus Fund Advisers LLC acquired a new stake in shares of Daktronics in the third quarter valued at approximately $75,000. KLP Kapitalforvaltning AS bought a new stake in shares of Daktronics in the fourth quarter worth $125,000. Finally, Knott David M Jr bought a new stake in shares of Daktronics in the fourth quarter worth $132,000. 61.69% of the stock is currently owned by institutional investors.

Daktronics Price Performance

The firm has a market cap of $574.04 million, a price-to-earnings ratio of 48.76, a PEG ratio of 0.57 and a beta of 1.12. The company’s fifty day moving average is $16.38 and its 200 day moving average is $15.11. The company has a quick ratio of 1.67, a current ratio of 2.35 and a debt-to-equity ratio of 0.40.

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.