Daktronics (NASDAQ:DAKT) Hits New 52-Week Low – Time to Sell?

Daktronics, Inc. (NASDAQ:DAKT) shares hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $17.07 and last traded at $17.14, with a volume of 66984 shares traded. The stock had previously closed at $17.65.

Analysts Set New Price Targets

A number of brokerages have recently commented on DAKT. Roth Capital upped their price target on Daktronics from $26.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Craig Hallum reissued a “buy” rating and set a $33.00 price objective on shares of Daktronics in a research note on Thursday, September 3rd. Zacks Research upgraded shares of Daktronics from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Wall Street Zen downgraded shares of Daktronics from a “buy” rating to a “hold” rating in a research note on Saturday, September 5th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Daktronics in a report on Tuesday. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Daktronics Trading Down 2.7%

The company has a debt-to-equity ratio of 0.17, a current ratio of 2.17 and a quick ratio of 1.66. The stock has a market capitalization of $825.76 million, a price-to-earnings ratio of 17.52, a PEG ratio of 0.58 and a beta of 1.68. The business has a 50 day simple moving average of $19.45 and a 200-day simple moving average of $19.81.

Daktronics (NASDAQ:DAKT) last released its quarterly earnings results on Wednesday, September 2nd. The technology company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. Daktronics had a return on equity of 18.05% and a net margin of 5.66%.The company had revenue of $234.57 million for the quarter, compared to analyst estimates of $230.27 million. During the same quarter last year, the firm posted $0.33 earnings per share. As a group, equities analysts expect that Daktronics, Inc. will post 1.24 earnings per share for the current year.

Insider Activity at Daktronics

In other Daktronics news, insider Sheila Anderson sold 3,636 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $20.01, for a total transaction of $72,756.36. Following the sale, the insider directly owned 48,371 shares in the company, valued at approximately $967,903.71. This trade represents a 6.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Bradley Wiemann sold 4,000 shares of Daktronics stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $19.22, for a total transaction of $76,880.00. Following the completion of the transaction, the executive vice president directly owned 125,946 shares in the company, valued at approximately $2,420,682.12. The trade was a 3.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Daktronics

Several institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its stake in Daktronics by 231.6% in the 2nd quarter. IFP Advisors Inc now owns 3,270 shares of the technology company’s stock worth $64,000 after purchasing an additional 2,284 shares during the period. Corient Private Wealth LP raised its stake in shares of Daktronics by 38.4% in the 2nd quarter. Corient Private Wealth LP now owns 18,237 shares of the technology company’s stock valued at $357,000 after purchasing an additional 5,063 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Daktronics in the 2nd quarter valued at about $328,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Daktronics by 10.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,747 shares of the technology company’s stock valued at $1,638,000 after purchasing an additional 8,143 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in shares of Daktronics in the second quarter valued at about $1,374,000. 61.69% of the stock is owned by institutional investors.

About Daktronics

Daktronics, Inc designs, manufactures and sells electronic display and control systems. Its products include large-format LED video displays, digital scoreboards, message centers, digital signage, display controllers and related audio systems.

The company serves sports and entertainment venues, schools and universities, commercial and retail organizations, transportation facilities, government institutions and other customers that use visual communications. Daktronics also provides installation, maintenance, content management and other support services for its display systems.

Founded in 1968 and headquartered in Brookings, South Dakota, Daktronics serves customers in the United States and international markets.