DoubleDown Interactive (NASDAQ:DDI) Shares Gap Up – Here’s Why

DoubleDown Interactive Co., Ltd. Sponsored ADR (NASDAQ:DDI)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $11.43, but opened at $12.07. DoubleDown Interactive shares last traded at $11.8640, with a volume of 39,724 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Weiss Ratings raised DoubleDown Interactive from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Wall Street Zen raised DoubleDown Interactive from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Wedbush decreased their price target on DoubleDown Interactive from $21.00 to $15.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, Freedom Capital downgraded DoubleDown Interactive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $15.67.

DoubleDown Interactive Stock Up 4.9%

The firm has a market capitalization of $594.10 million, a PE ratio of 5.21 and a beta of 1.02. The stock has a 50-day moving average price of $10.63 and a 200 day moving average price of $9.45.

DoubleDown Interactive (NASDAQ:DDI) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.13. The business had revenue of $94.12 million during the quarter, compared to analysts’ expectations of $94.26 million. DoubleDown Interactive had a return on equity of 12.16% and a net margin of 30.77%. As a group, equities analysts predict that DoubleDown Interactive Co., Ltd. Sponsored ADR will post 2.51 earnings per share for the current fiscal year.

Institutional Trading of DoubleDown Interactive

A number of institutional investors and hedge funds have recently made changes to their positions in DDI. Goldman Sachs Group Inc. increased its position in shares of DoubleDown Interactive by 127.4% in the first quarter. Goldman Sachs Group Inc. now owns 28,790 shares of the company’s stock valued at $285,000 after buying an additional 16,128 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of DoubleDown Interactive by 124.7% in the first quarter. Acadian Asset Management LLC now owns 60,282 shares of the company’s stock valued at $591,000 after buying an additional 33,459 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of DoubleDown Interactive by 130.2% in the second quarter. Ameriprise Financial Inc. now owns 1,231,132 shares of the company’s stock valued at $11,782,000 after buying an additional 696,366 shares in the last quarter. Hudson Bay Capital Management LP purchased a new stake in shares of DoubleDown Interactive in the second quarter valued at approximately $5,759,000. Finally, Osaic Holdings Inc. increased its position in shares of DoubleDown Interactive by 338.6% in the second quarter. Osaic Holdings Inc. now owns 3,105 shares of the company’s stock valued at $30,000 after buying an additional 2,397 shares in the last quarter.

DoubleDown Interactive Company Profile

DoubleDown Interactive (NASDAQ: DDI) is a digital entertainment company that specializes in the development and publishing of social casino games. The company’s portfolio centers around free-to-play titles that emulate the experience of land-based casino games such as slots, video poker, bingo and table games. By blending high-quality graphics, engaging gameplay features and real-time social mechanics, DoubleDown Interactive aims to deliver a virtual casino environment accessible via web, mobile and social media platforms.

The company’s flagship offering, DoubleDown Casino, serves as a hub for multiple slot and table-style games, enabling millions of registered players to compete in tournaments, unlock new machines and purchase virtual coins through in-app transactions.