Wedbush Lowers DoubleDown Interactive (NASDAQ:DDI) Price Target to $15.00

DoubleDown Interactive (NASDAQ:DDI) had its price objective dropped by Wedbush from $21.00 to $15.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s target price would indicate a potential upside of 27.38% from the company’s previous close.

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

DoubleDown Interactive Trading Up 2.0%

DoubleDown Interactive stock traded up $0.23 during midday trading on Wednesday, hitting $11.78. The stock 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 market capitalization of $583.50 million, a PE ratio of 5.69 and a beta of 1.01. The firm’s fifty day moving average is $9.22 and its two-hundred day moving average is $9.00.

DoubleDown Interactive (NASDAQ:DDI) last posted its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $94.26 million. DoubleDown Interactive had a return on equity of 11.27% and a net margin of 28.48%. As a group, equities research analysts predict that DoubleDown Interactive will post 2.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DoubleDown Interactive

A number of large investors have recently made changes to their positions in the company. Osaic Holdings Inc. grew its holdings in DoubleDown Interactive by 338.6% during the 2nd quarter. Osaic Holdings Inc. now owns 3,105 shares of the company’s stock valued at $30,000 after purchasing an additional 2,397 shares during the last quarter. Four Tree Island Advisory LLC bought a new position in shares of DoubleDown Interactive during the fourth quarter valued at approximately $93,000. Corient Private Wealth LLC purchased a new stake in shares of DoubleDown Interactive in the fourth quarter worth approximately $94,000. XTX Topco Ltd purchased a new stake in shares of DoubleDown Interactive in the fourth quarter worth approximately $118,000. Finally, Whetstone Capital Advisors LLC bought a new stake in shares of DoubleDown Interactive during the 4th quarter worth approximately $173,000.

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.