Daktronics (NASDAQ:DAKT) Shares Gap Up – Here’s Why

Daktronics, Inc. (NASDAQ:DAKT)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $20.11, but opened at $21.65. Daktronics shares last traded at $20.85, with a volume of 171,932 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DAKT. Zacks Research upgraded shares of Daktronics from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Roth Mkm initiated coverage on shares of Daktronics in a report on Wednesday, June 10th. They set a “buy” rating and a $26.00 price objective on the stock. Wall Street Zen raised Daktronics from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 10th. Finally, Weiss Ratings lowered Daktronics from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

Daktronics Stock Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.68 and a current ratio of 2.22. The firm’s 50 day simple moving average is $19.88 and its 200 day simple moving average is $21.06. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 38.14, a PEG ratio of 0.54 and a beta of 1.66.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Duquesne Family Office LLC lifted its position in Daktronics by 0.3% during the second quarter. Duquesne Family Office LLC now owns 3,076,224 shares of the technology company’s stock valued at $46,513,000 after purchasing an additional 8,599 shares during the period. Progeny 3 Inc. grew its position in Daktronics by 3.6% during the 3rd quarter. Progeny 3 Inc. now owns 2,746,408 shares of the technology company’s stock worth $57,455,000 after purchasing an additional 96,371 shares during the period. American Century Companies Inc. grew its position in Daktronics by 2.8% during the 3rd quarter. American Century Companies Inc. now owns 1,664,668 shares of the technology company’s stock worth $34,825,000 after purchasing an additional 44,731 shares during the period. Breach Inlet Capital Management LLC raised its stake in shares of Daktronics by 32.8% during the 4th quarter. Breach Inlet Capital Management LLC now owns 1,272,552 shares of the technology company’s stock valued at $25,158,000 after buying an additional 314,133 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Daktronics by 13.1% during the 1st quarter. Renaissance Technologies LLC now owns 822,854 shares of the technology company’s stock valued at $16,087,000 after buying an additional 95,393 shares during the last quarter. 61.69% of the stock is currently owned by institutional investors and hedge funds.

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.