Daktronics Inc. (DAKT) Stock Price Up 6.2% After Strong Earnings
Daktronics Inc. (NASDAQ:DAKT)’s share price rose 6.2% during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $10.08 and last traded at $9.99, with a volume of 568,341 shares trading hands. The stock had previously closed at $9.41.
The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.09. Daktronics had a net margin of 0.66% and a return on equity of 1.87%. The business had revenue of $170 million for the quarter, compared to analyst estimates of $161.50 million. During the same period in the prior year, the company posted $0.07 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis.
DAKT has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Daktronics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 2nd. TheStreet raised shares of Daktronics from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Needham & Company LLC raised their price target on shares of Daktronics from $8.00 to $9.50 and gave the company a “buy” rating in a research note on Wednesday, August 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $9.38.
A number of hedge funds and other institutional investors have recently modified their holdings of DAKT. KCG Holdings Inc. acquired a new position in Daktronics during the third quarter worth $100,000. BlackRock Inc. raised its position in Daktronics by 3.5% in the third quarter. BlackRock Inc. now owns 11,250 shares of the company’s stock worth $107,000 after buying an additional 382 shares during the period. Matarin Capital Management LLC acquired a new position in Daktronics during the third quarter worth $109,000. Smith Asset Management Group LP acquired a new position in Daktronics during the third quarter worth $110,000. Finally, Thrivent Financial for Lutherans raised its position in Daktronics by 7.6% in the second quarter. Thrivent Financial for Lutherans now owns 19,150 shares of the company’s stock worth $120,000 after buying an additional 1,350 shares during the period. 43.96% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market cap of $457.58 million, a price-to-earnings ratio of 119.89 and a beta of 1.39. The firm has a 50-day moving average price of $8.91 and a 200-day moving average price of $7.96.
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Daktronics Company Profile
Daktronics, Inc is a supplier of electronic scoreboards, electronic display systems, digital messaging solutions, software and services for sporting, commercial and transportation applications. The Company operates through five segments: Commercial, Live Events, High School Park and Recreation, Transportation, and International.
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