NEW YORK (TheStreet) -- Shares of Daktronics(DAKT) - Get Report are diving 18.19% to $6.52 on heavy trading volume Wednesday afternoon after the company reported a surprising loss for the 2016 fiscal fourth quarter.
Before today's market open, the Brookings, SD-based maker of video displays posted a net loss of 7 cents per share, while analysts were expecting earnings of 8 cents per share.
Revenue for the quarter was $138.5 million, below Wall Street's estimates of $156.2 million.
Orders totaled $143.2 million during the period compared to $196.1 million last year.
"Global macroeconomic factors including low oil prices, strong U.S. dollar, slowing GDP, political instability and other uncertainties continue to affect customer purchasing decisions," CEO Reece Kurtenbach said in a statement.
"This creates some uncertainty in the near-term outlook for orders; therefore, we expect modest growth in fiscal 2017 and we will carefully manage our spending," he added.
About 1.29 million of the company's shares were traded so far today vs. its average volume of 156,371 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations.
However, the team also finds weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: DAKT