Daktronics, Inc. (NASDAQ:DAKT) Sees Significant Decrease in Short Interest

Daktronics, Inc. (NASDAQ:DAKT) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totalling 2,840,000 shares, a decrease of 8.1% from the August 31st total of 3,090,000 shares. Based on an average trading volume of 616,500 shares, the days-to-cover ratio is presently 4.6 days. Currently, 6.9% of the company’s stock are short sold.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on DAKT. Singular Research upgraded shares of Daktronics to a “strong-buy” rating in a research note on Monday, September 9th. StockNews.com lowered Daktronics from a “buy” rating to a “hold” rating in a report on Friday, September 13th.

Daktronics Price Performance

Shares of DAKT stock traded up $0.35 during midday trading on Tuesday, reaching $13.26. 656,211 shares of the company traded hands, compared to its average volume of 522,322. The firm has a market cap of $613.88 million, a PE ratio of 21.66, a price-to-earnings-growth ratio of 0.44 and a beta of 1.14. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.17 and a quick ratio of 1.48. The firm’s 50 day simple moving average is $13.79 and its two-hundred day simple moving average is $12.06. Daktronics has a 1-year low of $7.20 and a 1-year high of $15.97.

Daktronics (NASDAQ:DAKT) last issued its quarterly earnings data on Wednesday, September 4th. The technology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.06. The firm had revenue of $226.09 million during the quarter, compared to the consensus estimate of $216.84 million. Daktronics had a return on equity of 19.92% and a net margin of 1.29%. On average, equities research analysts expect that Daktronics will post 0.89 EPS for the current fiscal year.

Insider Transactions at Daktronics

In other Daktronics news, VP Matthew John Kurtenbach sold 8,874 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $13.90, for a total value of $123,348.60. Following the completion of the transaction, the vice president now owns 208,906 shares in the company, valued at $2,903,793.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Daktronics news, EVP Bradley T. Wiemann sold 1,839 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $14.66, for a total transaction of $26,959.74. Following the completion of the sale, the executive vice president now directly owns 108,743 shares of the company’s stock, valued at approximately $1,594,172.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Matthew John Kurtenbach sold 8,874 shares of Daktronics stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $13.90, for a total value of $123,348.60. Following the completion of the transaction, the vice president now owns 208,906 shares in the company, valued at $2,903,793.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,954 shares of company stock valued at $472,570. 8.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Daktronics

Several hedge funds and other institutional investors have recently bought and sold shares of DAKT. Precision Wealth Strategies LLC acquired a new position in Daktronics during the fourth quarter worth approximately $184,000. Dimensional Fund Advisors LP increased its stake in Daktronics by 14.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,451,404 shares of the technology company’s stock worth $20,788,000 after acquiring an additional 305,597 shares during the last quarter. Gabelli Funds LLC raised its holdings in shares of Daktronics by 7.2% in the 4th quarter. Gabelli Funds LLC now owns 69,700 shares of the technology company’s stock worth $591,000 after purchasing an additional 4,700 shares during the period. Intrinsic Edge Capital Management LLC acquired a new position in shares of Daktronics in the 4th quarter valued at about $4,240,000. Finally, Breach Inlet Capital Management LLC purchased a new stake in shares of Daktronics during the 4th quarter worth about $11,508,000. 61.69% of the stock is owned by hedge funds and other institutional investors.

About Daktronics

Daktronics, Inc designs, manufactures, and markets electronic display systems and related products 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.