Daktronics (NASDAQ:DAKT) Trading 3.7% Higher on Insider Buying Activity

Daktronics, Inc. (NASDAQ:DAKT - Get Free Report)'s share price shot up 3.7% during trading on Tuesday following insider buying activity. The company traded as high as $12.59 and last traded at $12.64. 102,438 shares changed hands during trading, a decline of 78% from the average session volume of 475,258 shares. The stock had previously closed at $12.18.

Specifically, Director Andrew David Siegel acquired 7,200 shares of Daktronics stock in a transaction that occurred on 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 transaction, the director now owns 40,946 shares in the company, valued at $483,981.72. This represents a 21.34 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

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

Daktronics Stock Down 7.8 %

The firm's fifty day simple moving average is $14.52 and its two-hundred day simple moving average is $14.90. The company has a current ratio of 2.35, a quick ratio of 1.67 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $639.56 million, a price-to-earnings ratio of 48.88, a price-to-earnings-growth ratio of 0.57 and a beta of 1.12.

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Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in DAKT. Charles Schwab Investment Management Inc. increased its stake in Daktronics by 76.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 451,873 shares of the technology company's stock worth $5,834,000 after acquiring an additional 195,830 shares during the last quarter. FMR LLC increased its position in shares of Daktronics by 5,451.9% during the 3rd quarter. FMR LLC now owns 48,690 shares of the technology company's stock worth $629,000 after purchasing an additional 47,813 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Daktronics during the 3rd quarter worth about $164,000. PEAK6 Investments LLC raised its holdings in Daktronics by 269.9% in the 3rd quarter. PEAK6 Investments LLC now owns 42,073 shares of the technology company's stock valued at $543,000 after buying an additional 30,699 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Daktronics in the third quarter valued at about $427,000. 61.69% of the stock is currently owned by institutional investors and hedge funds.

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.