Short Interest in Daktronics, Inc. (NASDAQ:DAKT) Expands By 24.7%

Daktronics, Inc. (NASDAQ:DAKT) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 2,020,000 shares, an increase of 24.7% from the February 28th total of 1,620,000 shares. Currently, 4.6% of the company’s stock are sold short. Based on an average daily trading volume, of 443,700 shares, the days-to-cover ratio is currently 4.6 days.

Analyst Upgrades and Downgrades

Separately, Craig Hallum initiated coverage on shares of Daktronics in a report on Wednesday, January 22nd. They set a “buy” rating and a $26.00 price objective on the stock.

Insider Buying and Selling

In other Daktronics news, Director Andrew David Siegel purchased 7,200 shares of the firm’s stock in a transaction on Monday, March 31st. The stock was bought at an average cost of $11.82 per share, for a total transaction of $85,104.00. Following the completion of the purchase, the director now owns 40,946 shares in the company, valued at $483,981.72. This represents a 21.34 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.50% of the stock is owned by company insiders.

Institutional Trading of Daktronics

Several large investors have recently added to or reduced their stakes in the company. Alta Fox Capital Management LLC raised its stake in shares of Daktronics by 310.7% in the fourth quarter. Alta Fox Capital Management LLC now owns 3,074,336 shares of the technology company’s stock worth $51,833,000 after purchasing an additional 2,325,779 shares during the last quarter. Invesco Ltd. raised its position in Daktronics by 554.6% during the 4th quarter. Invesco Ltd. now owns 724,796 shares of the technology company’s stock worth $12,220,000 after buying an additional 614,075 shares during the last quarter. LPL Financial LLC lifted its stake in Daktronics by 1,589.2% during the 4th quarter. LPL Financial LLC now owns 323,204 shares of the technology company’s stock valued at $5,449,000 after acquiring an additional 304,071 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Daktronics by 76.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 451,873 shares of the technology company’s stock valued at $5,834,000 after purchasing an additional 195,830 shares during the period. Finally, Foundry Partners LLC lifted its holdings in shares of Daktronics by 54.0% in the 4th quarter. Foundry Partners LLC now owns 489,087 shares of the technology company’s stock valued at $8,246,000 after buying an additional 171,455 shares during the period. Hedge funds and other institutional investors own 61.69% of the company’s stock.

Daktronics Price Performance

Shares of DAKT opened at $13.25 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.35 and a quick ratio of 1.67. The company’s fifty day moving average price is $14.63 and its 200-day moving average price is $14.92. Daktronics has a 1-year low of $8.81 and a 1-year high of $19.89. The firm has a market capitalization of $693.47 million, a PE ratio of 53.00, a price-to-earnings-growth ratio of 0.57 and a beta of 1.12.

About Daktronics

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.