Daktronics, Inc. (NASDAQ:DAKT) Short Interest Up 24.7% in March

Daktronics, Inc. (NASDAQ:DAKT) was the target of a significant increase in short interest in 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 shares of the stock are short sold. Based on an average daily trading volume, of 443,700 shares, the short-interest ratio is presently 4.6 days.

Wall Street Analysts Forecast Growth

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

Daktronics Stock Up 1.9 %

DAKT stock traded up $0.24 during mid-day trading on Wednesday, reaching $13.12. 299,799 shares of the company traded hands, compared to its average volume of 477,883. The company has a quick ratio of 1.67, a current ratio of 2.35 and a debt-to-equity ratio of 0.40. The firm’s 50 day moving average price is $14.71 and its 200 day moving average price is $14.93. Daktronics has a fifty-two week low of $8.81 and a fifty-two week high of $19.89. The stock has a market cap of $686.66 million, a price-to-earnings ratio of 52.48, a P/E/G ratio of 0.57 and a beta of 1.12.

Insider Activity at Daktronics

In other Daktronics news, Director Andrew David Siegel bought 7,200 shares of Daktronics stock in a transaction on Monday, March 31st. The shares were purchased at an average price of $11.82 per share, with a total value of $85,104.00. Following the acquisition, the director now owns 40,946 shares in the company, valued at $483,981.72. This trade represents a 21.34 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Daktronics

Several hedge funds have recently made changes to their positions in the stock. Alta Fox Capital Management LLC grew its stake in Daktronics by 310.7% during the fourth quarter. Alta Fox Capital Management LLC now owns 3,074,336 shares of the technology company’s stock valued at $51,833,000 after acquiring an additional 2,325,779 shares in the last quarter. Duquesne Family Office LLC increased its position in shares of Daktronics by 2.2% in the fourth quarter. Duquesne Family Office LLC now owns 2,625,105 shares of the technology company’s stock worth $44,259,000 after purchasing an additional 56,750 shares during the last quarter. Vanguard Group Inc. raised its stake in Daktronics by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 2,450,964 shares of the technology company’s stock valued at $41,323,000 after purchasing an additional 11,099 shares in the last quarter. Progeny 3 Inc. lifted its position in Daktronics by 4.7% during the fourth quarter. Progeny 3 Inc. now owns 2,391,008 shares of the technology company’s stock valued at $40,312,000 after purchasing an additional 106,400 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Daktronics by 11.3% during the 4th quarter. American Century Companies Inc. now owns 1,388,284 shares of the technology company’s stock valued at $23,406,000 after buying an additional 140,482 shares in the last quarter. 61.69% of the stock is currently owned by hedge funds and other institutional investors.

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.