Daktronics (NASDAQ:DAKT) Shares Gap Down on Disappointing Earnings

Shares of Daktronics, Inc. (NASDAQ:DAKT) gapped down prior to trading on Wednesday following a weaker than expected 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 traded.

The technology company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.08). Daktronics had a net margin of 3.62% and a return on equity of 19.61%.

Wall Street Analysts Forecast Growth

Separately, Craig Hallum assumed coverage on shares of Daktronics in a report on Wednesday, January 22nd. They issued a “buy” rating and a $26.00 target price on the stock.

Insider Activity

In other Daktronics news, CEO Reece A. Kurtenbach sold 8,048 shares of Daktronics stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $18.75, for a total value of $150,900.00. Following the completion of the transaction, the chief executive officer now owns 469,727 shares in the company, valued at approximately $8,807,381.25. The trade was a 1.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Patrick Friel sold 2,244 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $18.17, for a total value of $40,773.48. Following the sale, the director now owns 87,573 shares in the company, valued at $1,591,201.41. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Daktronics

Institutional investors have recently modified their holdings of the stock. Money Concepts Capital Corp raised its position in shares of Daktronics by 0.4% during the fourth quarter. Money Concepts Capital Corp now owns 150,724 shares of the technology company’s stock worth $2,541,000 after acquiring an additional 607 shares during the last quarter. Franklin Resources Inc. increased its position in Daktronics by 0.9% in the third quarter. Franklin Resources Inc. now owns 70,992 shares of the technology company’s stock worth $959,000 after purchasing an additional 654 shares during the period. Summit Investment Advisors Inc. raised its holdings in Daktronics by 29.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,192 shares of the technology company’s stock worth $71,000 after purchasing an additional 965 shares during the last quarter. Quarry LP raised its holdings 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 purchasing an additional 989 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Daktronics by 8.5% during the 4th quarter. Principal Financial Group Inc. now owns 22,413 shares of the technology company’s stock valued at $378,000 after purchasing an additional 1,765 shares during the period. 61.69% of the stock is owned by institutional investors.

Daktronics Stock Down 12.9 %

The firm’s 50 day moving average price is $16.38 and its 200-day moving average price is $15.11. 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 cap of $587.70 million, a P/E ratio of 49.82, a price-to-earnings-growth ratio of 0.57 and a beta of 1.16.

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.