Direct Digital Holdings, Inc. (NASDAQ:DRCT) Sees Significant Decrease in Short Interest

Direct Digital Holdings, Inc. (NASDAQ:DRCT) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 52,300 shares, a decline of 68.8% from the July 15th total of 167,800 shares. Approximately 1.8% of the company’s shares are short sold. Based on an average daily trading volume, of 381,000 shares, the days-to-cover ratio is presently 0.1 days.

Analyst Ratings Changes

Separately, Benchmark reaffirmed a “buy” rating and set a $23.00 target price on shares of Direct Digital in a report on Wednesday, April 24th.

Institutional Trading of Direct Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DRCT. Intrinsic Edge Capital Management LLC acquired a new position in Direct Digital during the 4th quarter valued at about $1,155,000. Raymond James & Associates purchased a new position in shares of Direct Digital in the 4th quarter worth approximately $404,000. Finally, Privium Fund Management UK Ltd purchased a new position in shares of Direct Digital in the 2nd quarter worth approximately $91,000. 4.02% of the stock is owned by institutional investors.

Direct Digital Trading Down 5.1 %

Direct Digital stock traded down $0.17 during midday trading on Tuesday, reaching $3.18. The stock had a trading volume of 62,274 shares, compared to its average volume of 287,758. Direct Digital has a 12 month low of $1.96 and a 12 month high of $35.88. The company has a market capitalization of $45.38 million, a P/E ratio of 22.71 and a beta of 7.69. The company has a fifty day moving average price of $3.83 and a two-hundred day moving average price of $9.67.

About Direct Digital

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.