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Andrew Siegel, a director at Daktronics Inc. (NASDAQ:DAKT), recently acquired shares in the company, according to a regulatory filing. On March 31, Siegel purchased a total of 7,200 shares of common stock, with transaction prices ranging from $11.80 to $11.86 per share. These acquisitions amount to a total value of $85,140. The purchase comes as InvestingPro data shows Daktronics maintaining strong financial health with more cash than debt on its balance sheet and robust liquidity metrics. Following these transactions, Siegel directly holds 40,946 shares in the company. Additionally, he indirectly owns 163,345 shares through Prairieland Holdco, LLC. With a market capitalization of approximately $609 million, Daktronics demonstrates solid fundamentals, including a strong free cash flow yield. InvestingPro analysis reveals 10+ additional investment insights available for subscribers, including detailed valuation metrics and growth prospects.
In other recent news, Daktronics Inc. reported disappointing financial results for the third quarter of fiscal year 2025, with an earnings per share (EPS) loss of $0.36, significantly missing the expected EPS of $0.075. The company’s revenue also fell short of expectations, coming in at $149.51 million compared to the forecasted $171 million. Additionally, Daktronics announced a $10 million expansion of its stock repurchase program, bringing the total available for buybacks to approximately $30 million. The company emphasized that repurchases would be conducted in compliance with applicable securities laws.
The company also revealed significant leadership changes, with Reece Kurtenbach stepping down as President and CEO, and Brad Wiemann appointed as interim President and CEO. Howard Atkins was named Acting CFO and Chief Transformation Officer. These changes accompany a new employee retention plan to ensure stability during this transition. Analyst firms have not provided recent upgrades or downgrades for Daktronics, but the company’s ongoing business transformation program aims for $18 million in cost savings by FY2028.
Daktronics is targeting a 7-9% compounded annual revenue growth and aims for a 17-20% return on invested capital by FY2028. The company is also exploring merger and acquisition opportunities to drive long-term growth. Despite current challenges, Daktronics remains optimistic about its strategic initiatives and future growth potential.
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