Daktronics, Inc. (DAKT) Misses Earnings Estimates Miserably, Shares Fall


Daktronics, Inc. (NASDAQ:DAKT) has reported their fiscal 2016 second quarter earnings this morning, to the disappointment of their shareholders. The company reported net sales of $157.7 million and net income of just $3.2 million ($0.07 per diluted share). This was a drop of $0.11 per share from a year ago, and missed analyst estimates by a long shot. On average analysts had been expecting an EPS of $0.19.

Order bookings have declined for the company by 9.1 percent in the quarter when compared to the same quarter one year ago.

The stock is down 23.61% or $2.38 hitting $7.7, on this negative news. About 360,039 shares traded hands or 107.29% up from the average. DAKT has declined 10.48% since April 22, 2015 and is downtrending. It has underperformed by 9.47% the S&P500.

The institutional sentiment increased to 1.55 in Q2 2015. Its up 0.74, from 0.81 in 2015Q1. The ratio increased, as 8 funds sold all Daktronics, Inc. shares owned while 39 reduced positions. 18 funds bought stakes while 55 increased positions. They now own 21.35 million shares or 3.02% more from 20.73 million shares in 2015Q1.

Glacier Peak Capital Llc holds 1.54% of its portfolio in Daktronics, Inc. for 258,076 shares. Bard Associates Inc owns 162,970 shares or 0.96% of their US portfolio. Moreover, Palouse Capital Management Inc. has 0.91% invested in the company for 218,982 shares. The New York-based Olstein Capital Management L.P. has invested 0.62% in the stock. Capital Investment Counsel Inc, a North Carolina-based fund reported 47,354 shares.

Since June 8, 2015, the stock had 2 buys, and 4 insider sales for $308,228 net activity. Mcdermott Kevin Patrick bought 1,196 shares worth $10,007. Friel John Patrick bought 5,000 shares worth $43,034. Kurtenbach Matthew John sold 5,000 shares worth $57,551. Frame Nancy D sold 12,000 shares worth $134,798.

Daktronics Inc. is a supplier of electronic scoreboards, large electronic display systems, digital messaging solutions, software and services for sporting, commercial and transportation applications. The company has a market cap of $332.63 million. The Firm operates in five divisions: Commercial, Live Events, High School Park and Recreation, Transportation and International. It has 21.38 P/E ratio. Commercial business segment consists of sales of its video display systems, digital billboards, Galaxy and Fuelight product lines.