Daktronics (NASDAQ:DAKT) Stock Price Passes Above 200 Day Moving Average - Here's Why

Daktronics, Inc. (NASDAQ:DAKT - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $14.60 and traded as high as $16.60. Daktronics shares last traded at $16.47, with a volume of 317,076 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Daktronics from a "hold" rating to a "buy" rating in a research report on Monday, October 14th.

Daktronics Price Performance

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 fifty day moving average price of $16.38 and a two-hundred day moving average price of $14.62. The firm has a market cap of $780.91 million, a P/E ratio of 66.48, a PEG ratio of 0.68 and a beta of 1.17.

Insider Buying and Selling at Daktronics

In other news, 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 directly owns 469,727 shares of the company's stock, valued at $8,807,381.25. This trade represents a 1.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Patrick Friel sold 2,244 shares of the business's stock in a transaction on 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 directly owns 87,573 shares in the company, valued at approximately $1,591,201.41. This represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Insiders own 8.10% of the company's stock.

Hedge Funds Weigh In On Daktronics

Several hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. boosted its position in Daktronics by 0.9% during the third quarter. Franklin Resources Inc. now owns 70,992 shares of the technology company's stock valued at $959,000 after purchasing an additional 654 shares during the last quarter. Quarry LP boosted its holdings in shares of 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. Northwestern Mutual Wealth Management Co. grew its stake in shares of Daktronics by 92.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,309 shares of the technology company's stock valued at $32,000 after buying an additional 1,108 shares in the last quarter. Rhumbline Advisers increased its holdings in Daktronics by 10.9% during the second quarter. Rhumbline Advisers now owns 57,749 shares of the technology company's stock worth $806,000 after buying an additional 5,689 shares during the last quarter. Finally, Virtus Fund Advisers LLC bought a new stake in Daktronics during the third quarter worth $75,000. Institutional investors own 61.69% of the company's 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.