Wedbush Issues Pessimistic Forecast for DoubleDown Interactive (NASDAQ:DDI) Stock Price

by · The Cerbat Gem

DoubleDown Interactive (NASDAQ:DDI – Get Free Report) had its target price dropped by research analysts at Wedbush from $21.00 to $15.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s target price suggests a potential upside of 27.38% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Freedom Capital cut DoubleDown Interactive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Weiss Ratings upgraded DoubleDown Interactive from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen downgraded DoubleDown Interactive from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.25.

Check Out Our Latest Analysis on DoubleDown Interactive

DoubleDown Interactive Stock Up 2.0%

DDI stock traded up $0.23 during trading on Wednesday, hitting $11.78. The company had a trading volume of 35,009 shares, compared to its average volume of 97,922. DoubleDown Interactive has a 52-week low of $8.09 and a 52-week high of $11.89. The company has a 50 day simple moving average of $9.22 and a 200-day simple moving average of $9.00. The firm has a market capitalization of $583.50 million, a P/E ratio of 5.69 and a beta of 1.01.

DoubleDown Interactive (NASDAQ:DDI – Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.13. DoubleDown Interactive had a net margin of 28.48% and a return on equity of 11.27%. The company had revenue of $94.12 million during the quarter, compared to analysts’ expectations of $94.26 million. Sell-side analysts forecast that DoubleDown Interactive will post 2.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of DDI. Osaic Holdings Inc. raised its stake in shares of DoubleDown Interactive by 338.6% during the 2nd quarter. Osaic Holdings Inc. now owns 3,105 shares of the company’s stock worth $30,000 after acquiring an additional 2,397 shares in the last quarter. Four Tree Island Advisory LLC acquired a new stake in DoubleDown Interactive in the fourth quarter valued at approximately $93,000. Corient Private Wealth LLC purchased a new position in DoubleDown Interactive in the fourth quarter worth $94,000. XTX Topco Ltd acquired a new position in shares of DoubleDown Interactive during the fourth quarter worth $118,000. Finally, Whetstone Capital Advisors LLC acquired a new position in shares of DoubleDown Interactive during the fourth quarter worth $173,000.

DoubleDown Interactive Company Profile

(Get Free Report)

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.

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