DoubleDown Interactive (NASDAQ:DDI) Issues Quarterly Earnings Results

DoubleDown Interactive (NASDAQ:DDI) released its earnings results on Wednesday. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.13), Zacks reports. DoubleDown Interactive had a return on equity of 12.92% and a net margin of 32.94%.

DoubleDown Interactive Stock Performance

DDI stock traded down $0.20 during trading on Wednesday, hitting $8.45. The company had a trading volume of 100,131 shares, compared to its average volume of 69,188. The business has a 50-day moving average of $8.80 and a 200-day moving average of $9.08. DoubleDown Interactive has a one year low of $8.09 and a one year high of $11.25.

Institutional Investors Weigh In On DoubleDown Interactive

A number of institutional investors have recently modified their holdings of DDI. Ameriprise Financial Inc. raised its stake in DoubleDown Interactive by 10.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,357,163 shares of the company’s stock worth $12,676,000 after buying an additional 126,031 shares during the period. Stonehill Capital Management LLC increased its holdings in shares of DoubleDown Interactive by 49.1% during the third quarter. Stonehill Capital Management LLC now owns 190,605 shares of the company’s stock valued at $1,780,000 after acquiring an additional 62,735 shares in the last quarter. Hudson Bay Capital Management LP acquired a new position in shares of DoubleDown Interactive during the second quarter worth approximately $5,759,000. Goldman Sachs Group Inc. grew its position in DoubleDown Interactive by 127.4% in 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 period. Finally, Millennium Management LLC lifted its stake in shares of DoubleDown Interactive by 100.2% in the third quarter. Millennium Management LLC now owns 116,677 shares of the company’s stock valued at $1,090,000 after buying an additional 58,395 shares in the last quarter.

Analysts Set New Price Targets

Several analysts recently weighed in on DDI shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of DoubleDown Interactive in a research note on Wednesday, January 21st. Wedbush reiterated an “outperform” rating and set a $21.00 price objective on shares of DoubleDown Interactive in a research report on Tuesday, November 11th. Loop Capital set a $16.00 target price on shares of DoubleDown Interactive in a research report on Monday, November 3rd. Finally, Wall Street Zen upgraded shares of DoubleDown Interactive from a “hold” rating to a “buy” rating in a report on Saturday, November 22nd. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.60.

About DoubleDown Interactive

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.