Daktronics, Inc. (NASDAQ:DAKT) Short Interest Up 24.7% in March

Daktronics, Inc. (NASDAQ:DAKT) was the recipient of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,020,000 shares, an increase of 24.7% from the February 28th total of 1,620,000 shares. Based on an average daily volume of 443,700 shares, the days-to-cover ratio is presently 4.6 days. Currently, 4.6% of the company’s shares are sold short.

Daktronics Price Performance

DAKT traded up $0.24 during trading on Wednesday, hitting $13.12. 299,799 shares of the company traded hands, compared to its average volume of 477,883. The stock’s 50-day simple moving average is $14.71 and its two-hundred day simple moving average is $14.93. 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 $686.66 million, a PE ratio of 52.48, a P/E/G ratio of 0.57 and a beta of 1.12. Daktronics has a 1 year low of $8.81 and a 1 year high of $19.89.

Insider Activity

In other Daktronics news, Director Andrew David Siegel purchased 7,200 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was bought at an average price of $11.82 per share, with a total value of $85,104.00. Following the completion of the purchase, the director now directly owns 40,946 shares of the company’s stock, valued at $483,981.72. The trade was a 21.34 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 5.50% of the company’s stock.

Institutional Trading of Daktronics

Large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its position in Daktronics by 76.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 451,873 shares of the technology company’s stock valued at $5,834,000 after buying an additional 195,830 shares during the period. FMR LLC increased its holdings in Daktronics by 5,451.9% during the 3rd quarter. FMR LLC now owns 48,690 shares of the technology company’s stock worth $629,000 after purchasing an additional 47,813 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Daktronics during the third quarter valued at $164,000. PEAK6 Investments LLC increased its holdings in shares of Daktronics by 269.9% in the 3rd quarter. PEAK6 Investments LLC now owns 42,073 shares of the technology company’s stock valued at $543,000 after acquiring an additional 30,699 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Daktronics in the 3rd quarter worth approximately $427,000. 61.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Craig Hallum initiated coverage on Daktronics in a research note on Wednesday, January 22nd. They set a “buy” rating and a $26.00 price objective for the company.

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.