Daktronics (NASDAQ:DAKT) Trading 8.8% Higher Following Analyst Upgrade

Shares of Daktronics, Inc. (NASDAQ:DAKT) traded up 8.8% during trading on Thursday after Roth Mkm upgraded the stock to a strong-buy rating. The company traded as high as $21.86 and last traded at $20.82. 184,713 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 441,856 shares. The stock had previously closed at $19.13.

A number of other analysts have also commented on the stock. Wall Street Zen raised shares of Daktronics from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 10th. Zacks Research lowered shares of Daktronics from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. Finally, Weiss Ratings lowered shares of Daktronics from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $26.00.

Hedge Funds Weigh In On Daktronics

A number of institutional investors have recently added to or reduced their stakes in the company. Integrated Investment Consultants LLC acquired a new position in Daktronics during the first quarter worth $210,000. The Manufacturers Life Insurance Company increased its holdings in Daktronics by 59.9% during the first quarter. The Manufacturers Life Insurance Company now owns 18,549 shares of the technology company’s stock worth $363,000 after buying an additional 6,948 shares during the last quarter. Quantinno Capital Management LP acquired a new position in Daktronics during the first quarter worth $235,000. Lazard Asset Management LLC increased its holdings in Daktronics by 282.7% during the first quarter. Lazard Asset Management LLC now owns 130,771 shares of the technology company’s stock worth $2,557,000 after buying an additional 96,596 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Daktronics by 13.1% during the first quarter. Renaissance Technologies LLC now owns 822,854 shares of the technology company’s stock worth $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.

Daktronics Stock Performance

The firm has a market capitalization of $980.49 million, a price-to-earnings ratio of 36.91, a P/E/G ratio of 0.58 and a beta of 1.66. The stock’s fifty day moving average is $19.77 and its two-hundred day moving average is $20.96. The company has a quick ratio of 1.68, a current ratio of 2.22 and a debt-to-equity ratio of 0.19.

Daktronics Company Profile

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.