Short Interest in Direct Digital Holdings, Inc. (NASDAQ:DRCT) Drops By 57.8%

Direct Digital Holdings, Inc. (NASDAQ:DRCT) saw a significant drop in short interest in April. As of April 15th, there was short interest totalling 121,500 shares, a drop of 57.8% from the March 31st total of 287,800 shares. Currently, 4.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 227,200 shares, the short-interest ratio is currently 0.5 days.

Hedge Funds Weigh In On Direct Digital

Several institutional investors have recently modified their holdings of the stock. Perritt Capital Management Inc. grew its holdings in Direct Digital by 31.2% during the third quarter. Perritt Capital Management Inc. now owns 52,480 shares of the company’s stock valued at $134,000 after purchasing an additional 12,480 shares during the period. Raymond James & Associates acquired a new stake in Direct Digital during the 4th quarter worth $404,000. Denali Advisors LLC bought a new position in Direct Digital during the fourth quarter worth about $359,000. Warberg Asset Management LLC acquired a new position in Direct Digital in the third quarter valued at about $76,000. Finally, Intrinsic Edge Capital Management LLC bought a new stake in shares of Direct Digital in the fourth quarter worth about $1,155,000. 4.02% of the stock is currently owned by institutional investors and hedge funds.

Direct Digital Trading Down 7.2 %

Shares of NASDAQ:DRCT traded down $0.44 during trading on Friday, hitting $5.68. 142,599 shares of the company’s stock were exchanged, compared to its average volume of 115,514. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 3.51. The firm has a market cap of $81.05 million, a P/E ratio of 40.57 and a beta of 7.91. The firm has a 50-day moving average price of $17.37 and a two-hundred day moving average price of $12.21. Direct Digital has a 1-year low of $1.96 and a 1-year high of $35.88.

Direct Digital (NASDAQ:DRCT) last released its earnings results on Tuesday, March 26th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.36). The business had revenue of $41.01 million for the quarter, compared to analyst estimates of $66.02 million. Direct Digital had a return on equity of 48.38% and a net margin of 1.26%. During the same period in the prior year, the firm posted $0.01 EPS. Equities analysts predict that Direct Digital will post 0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Noble Financial reaffirmed a “market perform” rating on shares of Direct Digital in a report on Wednesday, March 27th. Roth Mkm lowered their price objective on shares of Direct Digital from $27.50 to $19.00 and set a “buy” rating for the company in a research report on Wednesday, March 27th. TheStreet lowered shares of Direct Digital from a “c” rating to a “d+” rating in a research report on Wednesday, February 14th. Finally, Benchmark restated a “buy” rating and issued a $23.00 price objective on shares of Direct Digital in a research report on Wednesday.

Direct Digital Company Profile

Direct Digital Holdings, Inc operates as an end-to-end full-service programmatic advertising platform. The company's platform primarily focuses on providing advertising technology, data-driven campaign optimization, and other solutions to underserved and less efficient markets on both the buy- and sell-side of the digital advertising ecosystem.