DoubleDown Interactive Co., Ltd. (NASDAQ:DDI) Sees Significant Growth in Short Interest

DoubleDown Interactive Co., Ltd. (NASDAQ:DDI) was the recipient of a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 118,300 shares, a growth of 12.3% from the July 15th total of 105,300 shares. Based on an average daily volume of 22,500 shares, the days-to-cover ratio is currently 5.3 days.

DoubleDown Interactive Stock Up 5.3 %

NASDAQ:DDI opened at $13.21 on Monday. The business’s 50-day moving average price is $12.17 and its 200 day moving average price is $11.84. The firm has a market cap of $654.60 million, a P/E ratio of 6.14 and a beta of 0.80. DoubleDown Interactive has a 52-week low of $6.95 and a 52-week high of $15.96.

DoubleDown Interactive (NASDAQ:DDI) last released its earnings results on Monday, August 12th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.19. The firm had revenue of $88.24 million for the quarter, compared to analyst estimates of $83.87 million. DoubleDown Interactive had a return on equity of 15.00% and a net margin of 33.51%. During the same period in the previous year, the company earned $0.49 earnings per share. Sell-side analysts expect that DoubleDown Interactive will post 2.07 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on DDI. Macquarie began coverage on DoubleDown Interactive in a research note on Monday, May 20th. They issued an “outperform” rating on the stock. B. Riley raised their target price on DoubleDown Interactive from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, August 13th. Northland Securities raised their target price on DoubleDown Interactive from $16.00 to $18.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Finally, Wedbush raised their target price on DoubleDown Interactive from $14.75 to $16.25 and gave the company an “outperform” rating in a research note on Tuesday, August 13th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. B. Riley Financial Inc. grew its position in DoubleDown Interactive by 2.4% during the fourth quarter. B. Riley Financial Inc. now owns 4,141,616 shares of the company’s stock valued at $30,441,000 after purchasing an additional 96,740 shares in the last quarter. Arbor Capital Management Inc. ADV acquired a new stake in shares of DoubleDown Interactive during the 4th quarter valued at $514,000. Renaissance Technologies LLC grew its holdings in shares of DoubleDown Interactive by 81.6% during the 2nd quarter. Renaissance Technologies LLC now owns 40,500 shares of the company’s stock valued at $529,000 after acquiring an additional 18,200 shares in the last quarter. Finally, First Trust Direct Indexing L.P. acquired a new position in shares of DoubleDown Interactive in the fourth quarter worth $82,000.

DoubleDown Interactive Company Profile

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.