Short Interest in DoubleDown Interactive Co., Ltd. Sponsored ADR (NASDAQ:DDI) Grows By 456.9%

DoubleDown Interactive Co., Ltd. Sponsored ADR (NASDAQ:DDI) was the target of a significant growth in short interest in May. As of May 15th, there was short interest totaling 53,896 shares, a growth of 456.9% from the April 30th total of 9,677 shares. Based on an average trading volume of 225,024 shares, the short-interest ratio is currently 0.2 days. Approximately 0.1% of the company’s stock are short sold.

DoubleDown Interactive Stock Performance

Shares of DDI stock opened at $11.76 on Thursday. The company has a market capitalization of $582.46 million, a price-to-earnings ratio of 5.11 and a beta of 1.01. DoubleDown Interactive has a one year low of $8.09 and a one year high of $12.35. The company’s 50-day moving average is $9.89 and its 200 day moving average is $9.24.

DoubleDown Interactive (NASDAQ:DDI) last issued its earnings results on Tuesday, May 12th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 30.77% and a return on equity of 12.16%. As a group, research analysts predict that DoubleDown Interactive will post 2.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On DoubleDown Interactive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its stake in DoubleDown Interactive by 127.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 28,790 shares of the company’s stock valued at $285,000 after purchasing an additional 16,128 shares during the last quarter. Acadian Asset Management LLC raised its stake 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 worth $591,000 after purchasing an additional 33,459 shares during the last quarter. Ameriprise Financial Inc. raised its stake 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 worth $11,782,000 after purchasing an additional 696,366 shares during the last quarter. Hudson Bay Capital Management LP bought a new position in shares of DoubleDown Interactive during the second quarter valued at $5,759,000. Finally, Osaic Holdings Inc. boosted its position in shares of DoubleDown Interactive by 338.6% during 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 during 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.