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In a recent transaction, Andrew Siegel, a director at Daktronics Inc. (NASDAQ:DAKT), acquired 2,500 shares of the company's common stock. The purchase, made on April 4, 2025, was executed at a price of $11.50 per share, totaling $28,750. The timing is notable as InvestingPro data shows the stock has declined over 32% year-to-date, with shares currently trading at $11.78. Following this transaction, Siegel's direct ownership in the company increased to 43,446 shares.
Additionally, Siegel holds an indirect ownership of 163,345 shares through Prairieland Holdco, LLC, where he serves as the sole member and president of the manager. This transaction reflects Siegel's continued investment in the company, which is known for its manufacturing operations in the miscellaneous manufacturing industries sector.
In other recent news, Daktronics Inc. reported financial results for the third quarter of fiscal year 2025, showing a significant decline in both earnings and revenue. The company posted an earnings per share loss of $0.36, which was notably below the expected EPS of $0.075, and revenue came in at $149.51 million, missing the $171 million forecast. In response to these challenges, Daktronics is actively pursuing a business transformation program aimed at achieving $18 million in cost savings by FY2028. Additionally, Daktronics announced an expansion of its stock repurchase program by $10 million, as approved by the Board of Directors, indicating a potential return of capital to shareholders. The company also disclosed significant leadership changes, with Reece Kurtenbach stepping down as President and CEO, and Brad Wiemann appointed as interim President and CEO. Howard Atkins has been named Acting CFO and Chief Transformation Officer, succeeding Sheila Anderson, who will focus on her roles as principal accounting officer and Chief Data and Analytics Officer. These developments come amid a backdrop of missed financial expectations and strategic shifts within the company.
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