Daktronics (NASDAQ:DAKT) Shares Cross Below Two Hundred Day Moving Average – What’s Next?

Daktronics, Inc. (NASDAQ:DAKT)’s share price crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $20.47 and traded as low as $19.64. Daktronics shares last traded at $19.79, with a volume of 640,923 shares traded.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Craig Hallum restated a “buy” rating and set a $33.00 target price on shares of Daktronics in a research report on Thursday, September 3rd. Roth Capital upped their price objective on shares of Daktronics from $26.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Wall Street Zen raised Daktronics from a “hold” rating to a “buy” rating in a research report on Saturday, September 26th. Zacks Research raised shares of Daktronics from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Daktronics in a research report on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Daktronics has an average rating of “Buy” and an average price target of $31.00.

Daktronics Price Performance

The company has a current ratio of 2.17, a quick ratio of 1.66 and a debt-to-equity ratio of 0.17. The business has a 50-day moving average price of $18.57 and a two-hundred day moving average price of $20.47. The firm has a market capitalization of $951.70 million, a price-to-earnings ratio of 20.19, a PEG ratio of 0.64 and a beta of 1.68.

Daktronics (NASDAQ:DAKT) last announced its quarterly earnings results on Wednesday, September 2nd. The technology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.35 by $0.05. Daktronics had a net margin of 5.66% and a return on equity of 18.05%. 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 business earned $0.33 earnings per share. As a group, research analysts forecast that Daktronics, Inc. will post 1.28 EPS for the current year.

Institutional Investors Weigh In On Daktronics

Several hedge funds and other institutional investors have recently bought and sold shares of DAKT. Sterling Capital Management LLC lifted its holdings in Daktronics by 949.3% in the 3rd quarter. Sterling Capital Management LLC now owns 1,469 shares of the technology company’s stock valued at $26,000 after acquiring an additional 1,329 shares during the last quarter. Inspire Investing LLC grew its stake in shares of Daktronics by 6.4% in the 3rd quarter. Inspire Investing LLC now owns 36,790 shares of the technology company’s stock worth $640,000 after purchasing an additional 2,208 shares during the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of Daktronics by 20.1% in the 3rd quarter. SummerHaven Investment Management LLC now owns 55,479 shares of the technology company’s stock worth $965,000 after purchasing an additional 9,295 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of 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 in the last quarter. Finally, Corient Private Wealth LP raised its holdings 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 worth $357,000 after purchasing an additional 5,063 shares in the last quarter. 61.69% of the stock is currently owned by institutional investors.

About Daktronics

Daktronics, Inc designs and manufactures electronic display and audiovisual communication systems. Its products include large-format LED video displays, digital scoreboards, message centers, programmable display systems, control systems and related software. The company also provides installation, maintenance, content management and other support services for its display solutions.

Its products are used in sports venues, schools and universities, commercial properties, retail locations, transportation facilities and public spaces.