DoubleDown Interactive (NASDAQ:DDI) Shares Gap Up – Here’s What Happened

DoubleDown Interactive Co., Ltd. Sponsored ADR (NASDAQ:DDI) gapped up before the market opened on Friday . The stock had previously closed at $11.43, but opened at $12.07. DoubleDown Interactive shares last traded at $11.8640, with a volume of 39,724 shares.

Analyst Ratings Changes

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

DoubleDown Interactive Stock Performance

The company has a market cap of $601.08 million, a PE ratio of 5.27 and a beta of 1.02. The company’s 50-day simple moving average is $10.56 and its 200 day simple moving average is $9.43.

DoubleDown Interactive (NASDAQ:DDI) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.13. DoubleDown Interactive had a net margin of 30.77% and a return on equity of 12.16%. The business had revenue of $94.12 million for the quarter, compared to analyst estimates of $94.26 million. Analysts forecast that DoubleDown Interactive Co., Ltd. Sponsored ADR will post 2.51 EPS for the current year.

Institutional Investors Weigh In On DoubleDown Interactive

A number of hedge funds and other institutional investors have recently modified their holdings of DDI. Goldman Sachs Group Inc. raised its holdings in shares of 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 in the last quarter. Acadian Asset Management LLC raised its holdings in shares of DoubleDown Interactive by 124.7% in the 1st quarter. Acadian Asset Management LLC now owns 60,282 shares of the company’s stock valued at $591,000 after purchasing an additional 33,459 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of DoubleDown Interactive by 130.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,231,132 shares of the company’s stock valued at $11,782,000 after purchasing an additional 696,366 shares in the last quarter. Hudson Bay Capital Management LP acquired a new stake in shares of DoubleDown Interactive in the 2nd quarter valued at $5,759,000. Finally, Osaic Holdings Inc. raised its holdings in shares of DoubleDown Interactive by 338.6% in 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 in the last quarter.

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.