DoubleDown Interactive (NASDAQ:DDI) Shares Gap Up After Better-Than-Expected Earnings

Shares of DoubleDown Interactive Co., Ltd. (NASDAQ:DDIGet Free Report) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $12.06, but opened at $13.08. DoubleDown Interactive shares last traded at $12.60, with a volume of 8,816 shares trading hands.

The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.19. DoubleDown Interactive had a net margin of 33.51% and a return on equity of 15.00%. The business had revenue of $88.24 million during the quarter, compared to analysts’ expectations of $83.87 million. During the same period last year, the company posted $0.49 earnings per share.

Analyst Ratings Changes

DDI has been the subject of several research reports. Wedbush lifted their price target on shares of DoubleDown Interactive from $14.75 to $16.25 and gave the company an “outperform” rating in a research report on Tuesday. B. Riley lifted their price objective on shares of DoubleDown Interactive from $24.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Macquarie assumed coverage on shares of DoubleDown Interactive in a research report on Monday, May 20th. They set an “outperform” rating for the company.

View Our Latest Stock Report on DoubleDown Interactive

Institutional Investors Weigh In On DoubleDown Interactive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Trust Direct Indexing L.P. bought a new stake in DoubleDown Interactive in the fourth quarter worth about $82,000. Renaissance Technologies LLC raised its position in shares of DoubleDown Interactive by 81.6% in the second quarter. Renaissance Technologies LLC now owns 40,500 shares of the company’s stock valued at $529,000 after purchasing an additional 18,200 shares during the period. Arbor Capital Management Inc. ADV purchased a new position in DoubleDown Interactive in the 4th quarter valued at approximately $514,000. Finally, B. Riley Financial Inc. boosted its holdings in shares of DoubleDown Interactive by 2.4% in the fourth quarter. B. Riley Financial Inc. now owns 4,141,616 shares of the company’s stock worth $30,441,000 after acquiring an additional 96,740 shares during the period.

DoubleDown Interactive Trading Up 3.4 %

The stock has a fifty day simple moving average of $12.25 and a two-hundred day simple moving average of $11.72. The firm has a market cap of $617.93 million, a PE ratio of 5.94 and a beta of 0.80.

About DoubleDown Interactive

(Get Free Report)

DoubleDown Interactive Co, Ltd. engages in the development and publishing of casual games and mobile applications in South Korea. It publishes digital gaming content on mobile and web platforms. The company offers DoubleDown Casino, DoubleDown Classic, DoubleDown Fort Knox, and cash me out games, as well as sells in-game virtual chips.

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