Daktronics, Inc. (NASDAQ:DAKT) Short Interest Up 24.7% in March

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

Daktronics Trading Down 7.8 %

DAKT traded down $1.03 during trading on Thursday, hitting $12.22. 689,708 shares of the stock traded hands, compared to its average volume of 480,408. The firm has a market capitalization of $639.56 million, a P/E ratio of 48.88, a price-to-earnings-growth ratio of 0.57 and a beta of 1.12. Daktronics has a 12-month low of $8.81 and a 12-month high of $19.89. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.35 and a quick ratio of 1.67. The firm has a 50-day moving average of $14.63 and a 200 day moving average of $14.92.

Insiders Place Their Bets

In related news, Director Andrew David Siegel acquired 7,200 shares of the firm's stock in a transaction dated Monday, March 31st. The shares were purchased at an average price of $11.82 per share, for a total transaction of $85,104.00. Following the completion of the acquisition, the director now owns 40,946 shares in the company, valued at approximately $483,981.72. This represents a 21.34 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 5.50% of the stock is currently owned by insiders.

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Institutional Trading of Daktronics

Institutional investors have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Daktronics during the 3rd quarter valued at approximately $427,000. FMR LLC raised its holdings in shares of Daktronics by 5,451.9% during the third quarter. FMR LLC now owns 48,690 shares of the technology company's stock valued at $629,000 after acquiring an additional 47,813 shares in the last quarter. Barclays PLC raised its holdings in shares of Daktronics by 348.2% during the third quarter. Barclays PLC now owns 58,388 shares of the technology company's stock valued at $754,000 after acquiring an additional 45,360 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Daktronics by 8.5% in the fourth quarter. Principal Financial Group Inc. now owns 22,413 shares of the technology company's stock worth $378,000 after acquiring an additional 1,765 shares during the period. Finally, Virtus Investment Advisers Inc. bought a new stake in Daktronics in the third quarter valued at $388,000. 61.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Craig Hallum began coverage on Daktronics in a research note 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.