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

Daktronics, Inc. (NASDAQ:DAKT - Get Free Report)'s share price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. 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 return on equity of 19.61% and a net margin of 3.62%.

Analysts Set New Price Targets

Separately, Craig Hallum initiated coverage on shares of Daktronics in a research note on Wednesday, January 22nd. They issued a "buy" rating and a $26.00 target price on the stock.

Insider Activity

In related news, CEO Reece A. Kurtenbach sold 8,048 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $18.75, for a total transaction of $150,900.00. Following the sale, the chief executive officer now owns 469,727 shares in the company, valued at $8,807,381.25. This represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Patrick Friel sold 2,244 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $18.17, for a total transaction of $40,773.48. Following the sale, the director now owns 87,573 shares in the company, valued at approximately $1,591,201.41. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.50% of the company's stock.

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Institutional Investors Weigh In On Daktronics

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP raised its stake in Daktronics by 75.6% during the third quarter. Quarry LP now owns 2,297 shares of the technology company's stock worth $30,000 after acquiring an additional 989 shares during the period. Summit Investment Advisors Inc. raised its holdings in shares of Daktronics by 29.9% during the fourth 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 during the last quarter. Virtus Fund Advisers LLC acquired a new position in shares of Daktronics during the third quarter worth approximately $75,000. KLP Kapitalforvaltning AS acquired a new position in Daktronics during the 4th quarter worth $125,000. Finally, Knott David M Jr acquired a new position in Daktronics during the 4th quarter worth $132,000. Institutional investors and hedge funds own 61.69% of the company's stock.

Daktronics Stock Performance

The company has a market cap of $598.06 million, a P/E ratio of 50.80, a PEG ratio of 0.57 and a beta of 1.12. The company has a quick ratio of 1.67, a current ratio of 2.35 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average price of $16.11 and a 200-day moving average price of $15.05.

Daktronics Company Profile

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.