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

DoubleDown Interactive (NASDAQ:DDI) had its target price trimmed by Wedbush from $21.00 to $15.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research firms also recently weighed in on DDI. Freedom Capital downgraded DoubleDown Interactive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Wall Street Zen downgraded DoubleDown Interactive from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings raised DoubleDown Interactive from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.67.

DoubleDown Interactive Stock Performance

NASDAQ:DDI opened at $12.00 on Wednesday. The stock’s fifty day moving average price is $9.39 and its two-hundred day moving average price is $9.06. DoubleDown Interactive has a 52-week low of $8.09 and a 52-week high of $12.10. The company has a market cap of $594.60 million, a price-to-earnings ratio of 5.22 and a beta of 1.01.

DoubleDown Interactive (NASDAQ:DDI) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.13. DoubleDown Interactive had a return on equity of 12.16% and a net margin of 30.77%.The firm had revenue of $94.12 million for the quarter, compared to the consensus estimate of $94.26 million. On average, equities analysts predict that DoubleDown Interactive will post 2.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. BRC Group Holdings Inc. increased its position in shares of DoubleDown Interactive by 0.8% in the 4th quarter. BRC Group Holdings Inc. now owns 3,477,440 shares of the company’s stock valued at $30,010,000 after buying an additional 26,937 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of DoubleDown Interactive by 10.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,357,163 shares of the company’s stock valued at $12,676,000 after buying an additional 126,031 shares in the last quarter. Hudson Bay Capital Management LP bought a new stake in shares of DoubleDown Interactive in the 2nd quarter valued at $5,759,000. 683 Capital Management LLC increased its position in shares of DoubleDown Interactive by 66.7% in the 4th quarter. 683 Capital Management LLC now owns 500,000 shares of the company’s stock valued at $4,315,000 after buying an additional 200,000 shares in the last quarter. Finally, Stonehill Capital Management LLC increased its position in shares of DoubleDown Interactive by 49.1% in the 3rd quarter. Stonehill Capital Management LLC now owns 190,605 shares of the company’s stock valued at $1,780,000 after buying an additional 62,735 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.