Pacer Advisors Inc. has significantly reduced its stake in Daktronics, Inc. (NASDAQ: DAKT) by 39.1% during the third quarter. According to a recent filing with the Securities and Exchange Commission, the investment firm now holds 163,894 shares after selling 105,442 shares during the period. As of the latest reporting, Pacer Advisors controls approximately 0.34% of Daktronics, valued at $3,429,000.
This move forms part of a broader trend among large investors adjusting their positions in Daktronics. For instance, American Century Companies Inc. increased its holdings by 7.0% in the second quarter, acquiring an additional 105,313 shares to reach a total of 1,619,937 shares, worth approximately $24,493,000.
Similarly, Wealth Enhancement Advisory Services LLC enhanced its investment by 3.2%, now owning 76,599 shares valued at $1,158,000. Inspire Investing LLC made a more substantial increase, growing its stake by 206.3% to 86,188 shares, which are currently worth $1,303,000. Additionally, Breach Inlet Capital Management LLC expanded its holdings by 82.6%, owning 1,656,758 shares valued at $20,179,000 after purchasing 749,444 shares.
Finally, CSM Advisors LLC entered the picture by acquiring a new stake in Daktronics worth around $6,242,000. Overall, institutional investors collectively own 61.69% of Daktronics’ shares.
Analyst Ratings and Performance Metrics
Several equity analysts have recently weighed in on Daktronics’ stock performance. Notably, Weiss Ratings maintained a “hold (c)” rating in a report issued on Monday. In contrast, Wall Street Zen upgraded its rating from “buy” to “strong-buy” on September 14. Conversely, Zacks Research downgraded the stock from “strong-buy” to “hold” on November 10. Currently, one analyst has issued a Buy rating, while two have assigned a Hold rating. Data from MarketBeat indicates that Daktronics holds an average rating of “Hold” with a consensus price target of $26.00.
As of Wednesday, Daktronics opened at $19.61. The stock has a market capitalization of $955.99 million and a price-to-earnings ratio of 150.86. Its performance metrics include a debt-to-equity ratio of 0.18, a current ratio of 2.23, and a quick ratio of 1.71. The stock has seen a 50-day simple moving average of $18.90 and a 200-day simple moving average of $18.20. Over the past year, Daktronics experienced a low of $10.24 and a high of $24.38.
Recent Earnings Update
Daktronics recently reported its quarterly earnings on December 10, showcasing resilience with earnings per share (EPS) of $0.35, surpassing the consensus estimate of $0.27 by $0.08. The company generated revenue of $229.25 million, exceeding analysts’ expectations of $213.93 million. The firm recorded a return on equity of 15.42% and a net margin of 0.96%. In the same quarter of the previous year, Daktronics reported an EPS of $0.27. Analysts predict that Daktronics will post an EPS of 0.96 for the current fiscal year.
Founded in 1968 in Brookings, South Dakota, Daktronics, Inc. is a prominent designer and manufacturer of electronic display systems. The company’s portfolio includes large-format LED video displays, digital billboards, and audio-visual solutions for various sectors, including sports venues and retail environments. Daktronics continues to enhance its reputation for delivering customized visual display solutions globally.
