Daktronics (NASDAQ:DAKT) Shares Gap Up - Here's What Happened

Daktronics, Inc. (NASDAQ:DAKT - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $16.92, but opened at $17.60. Daktronics shares last traded at $17.60, with a volume of 91,305 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have weighed in on DAKT. StockNews.com upgraded shares of Daktronics from a "hold" rating to a "buy" rating in a research report on Monday, October 14th. Craig Hallum initiated coverage on Daktronics in a report on Wednesday. They issued a "buy" rating and a $26.00 price target on the stock.

Daktronics Stock Up 4.4 %

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 simple moving average of $16.62 and a two-hundred day simple moving average of $14.75. The company has a market cap of $829.77 million, a PE ratio of 70.64, a P/E/G ratio of 0.58 and a beta of 1.17.

Daktronics (NASDAQ:DAKT - Get Free Report) last issued its quarterly earnings results on Wednesday, December 4th. 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%. Research analysts anticipate that Daktronics, Inc. will post 0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director John Patrick Friel sold 2,244 shares of the business's 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 completion of the sale, the director now owns 87,573 shares in the company, valued at approximately $1,591,201.41. The trade was a 2.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Reece A. Kurtenbach sold 8,048 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The shares were 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 $8,807,381.25. The trade was a 1.68 % decrease in their position. The disclosure for this sale can be found here. 8.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Daktronics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP lifted its position in Daktronics by 75.6% during the 3rd quarter. Quarry LP now owns 2,297 shares of the technology company's stock worth $30,000 after acquiring an additional 989 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Daktronics by 92.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,309 shares of the technology company's stock valued at $32,000 after purchasing an additional 1,108 shares during the period. Virtus Fund Advisers LLC acquired a new position in shares of Daktronics during the third quarter worth $75,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Daktronics in the third quarter valued at $164,000. Finally, Hennessy Advisors Inc. acquired a new stake in Daktronics during the 4th quarter valued at $170,000. Hedge funds and other institutional investors own 61.69% of the company's stock.

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.