Short Interest in Daktronics, Inc. (NASDAQ:DAKT) Drops By 7.9%

Daktronics, Inc. (NASDAQ:DAKT) was the recipient of a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 1,740,000 shares, a decrease of 7.9% from the November 15th total of 1,890,000 shares. Based on an average daily trading volume, of 480,800 shares, the days-to-cover ratio is presently 3.6 days. Currently, 4.2% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Singular Research raised shares of Daktronics to a “strong-buy” rating in a research report on Monday, September 9th. StockNews.com raised shares of Daktronics from a “hold” rating to a “buy” rating in a report on Monday, October 14th.

Daktronics Stock Performance

NASDAQ DAKT traded up $0.48 during trading hours on Tuesday, reaching $17.70. The company’s stock had a trading volume of 486,595 shares, compared to its average volume of 508,828. Daktronics has a 52 week low of $7.20 and a 52 week high of $19.89. The stock has a market cap of $831.65 million, a PE ratio of 68.88, a PEG ratio of 0.72 and a beta of 1.19. 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 business has a 50-day simple moving average of $14.89 and a 200 day simple moving average of $13.84.

Insider Buying and Selling

In other Daktronics news, CEO Reece A. Kurtenbach sold 8,048 shares of Daktronics stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $18.75, for a total value of $150,900.00. Following the transaction, the chief executive officer now owns 469,727 shares in the company, valued at $8,807,381.25. This trade represents a 1.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John Patrick Friel sold 2,244 shares of Daktronics stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $18.17, for a total value of $40,773.48. Following the completion of the transaction, the director now owns 87,573 shares in the company, valued at $1,591,201.41. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,692 shares of company stock worth $718,435. 8.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Franklin Resources Inc. grew its position in Daktronics by 0.9% in the 3rd quarter. Franklin Resources Inc. now owns 70,992 shares of the technology company’s stock valued at $959,000 after buying an additional 654 shares in the last quarter. Barclays PLC grew its holdings in shares of Daktronics by 348.2% in the 3rd quarter. Barclays PLC now owns 58,388 shares of the technology company’s stock worth $754,000 after acquiring an additional 45,360 shares during the last quarter. Virtus Fund Advisers LLC purchased a new stake in shares of Daktronics during the third quarter valued at $75,000. Virtus Investment Advisers Inc. acquired a new position in shares of Daktronics in the third quarter worth about $388,000. Finally, Quarry LP grew its position in Daktronics by 75.6% during the 3rd quarter. Quarry LP now owns 2,297 shares of the technology company’s stock worth $30,000 after purchasing an additional 989 shares in the last quarter. 61.69% of the stock is owned by institutional investors and hedge funds.

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.