Daktronics (NASDAQ:DAKT) Hits New 1-Year High – Here’s Why

Daktronics, Inc. (NASDAQ:DAKT)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $27.77 and last traded at $27.23, with a volume of 20024 shares changing hands. The stock had previously closed at $27.49.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on DAKT shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Daktronics in a research report on Monday, December 29th. Zacks Research upgraded Daktronics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Daktronics currently has an average rating of “Buy”.

Daktronics Stock Down 0.1%

The business has a 50-day moving average of $21.82 and a 200 day moving average of $19.98. The company has a market capitalization of $1.34 billion, a PE ratio of 211.40, a P/E/G ratio of 0.80 and a beta of 1.73. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.23 and a quick ratio of 1.71.

Daktronics (NASDAQ:DAKT) last released its quarterly earnings results on Wednesday, December 10th. The technology company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The business had revenue of $229.25 million during the quarter, compared to analysts’ expectations of $213.93 million. Daktronics had a return on equity of 15.42% and a net margin of 0.96%.During the same quarter last year, the business posted $0.27 EPS. Equities research analysts predict that Daktronics, Inc. will post 0.96 earnings per share for the current year.

Institutional Trading of Daktronics

Several hedge funds have recently made changes to their positions in DAKT. Quarry LP purchased a new position in Daktronics in the third quarter worth about $25,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Daktronics by 22,566.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,360 shares of the technology company’s stock valued at $27,000 after purchasing an additional 1,354 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Daktronics in the 3rd quarter worth approximately $43,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Daktronics by 204.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company’s stock worth $46,000 after purchasing an additional 2,045 shares during the period. Finally, Quaker Wealth Management LLC increased its position in shares of Daktronics by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 3,800 shares of the technology company’s stock valued at $57,000 after purchasing an additional 7,600 shares during the last quarter. 61.69% of the stock is currently owned by hedge funds and other institutional investors.

About Daktronics

Daktronics, Inc (NASDAQ: DAKT) is a leading designer and manufacturer of electronic display systems, video boards, scoreboards and related control systems. Founded in 1968 in Brookings, South Dakota by Al Kurtenbach and Duane Sander, the company has built a reputation for delivering custom visual display solutions to a wide range of markets. Its product portfolio includes large-format LED video displays, programmable message centers, digital billboards, and audio-visual solutions tailored to sports venues, transportation authorities, retail environments and live event producers.

The company’s primary business activities encompass the engineering, fabrication and installation of display systems for customers around the world.