B. Riley Financial Forecasts Strong Price Appreciation for DoubleDown Interactive (NASDAQ:DDI) Stock

Key Points

• B. Riley Financial raised its price target for DoubleDown Interactive from $22 to $24 and maintained a “Buy” rating, implying approximately 96% upside from the stock’s $12.25 price.
• Analyst sentiment remains mixed: DoubleDown has a consensus “Hold” rating and an average target price of $18.33, despite two Buy ratings and three Hold ratings.
• The company exceeded quarterly expectations, reporting $0.66 in EPS versus a $0.61 estimate and revenue of $94.29 million versus $92.90 million expected.

DoubleDown Interactive (NASDAQ:DDI - Get Free Report) had its target price upped by equities research analysts at B. Riley Financial from $22.00 to $24.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley Financial's target price points to a potential upside of 95.92% from the stock's current price.

Several other brokerages also recently issued reports on DDI. Wedbush reduced their price target on shares of DoubleDown Interactive from $21.00 to $15.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Freedom Capital cut shares of DoubleDown Interactive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Wall Street Zen upgraded DoubleDown Interactive from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of DoubleDown Interactive in a research note on Friday. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, DoubleDown Interactive has a consensus rating of "Hold" and a consensus target price of $18.33.

DoubleDown Interactive Price Performance

DoubleDown Interactive stock traded down $0.12 during trading hours on Wednesday, hitting $12.25. The stock had a trading volume of 124,656 shares, compared to its average volume of 99,858. The stock has a market capitalization of $607.02 million, a price-to-earnings ratio of 5.33 and a beta of 1.02. DoubleDown Interactive has a 1-year low of $8.10 and a 1-year high of $12.50. The stock's fifty day moving average is $11.53 and its two-hundred day moving average is $10.23.

DoubleDown Interactive (NASDAQ:DDI - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. DoubleDown Interactive had a return on equity of 12.16% and a net margin of 30.77%.The business had revenue of $94.29 million during the quarter, compared to the consensus estimate of $92.90 million. As a group, sell-side analysts anticipate that DoubleDown Interactive will post 2.51 EPS for the current year.

Hedge Funds Weigh In On DoubleDown Interactive

A number of institutional investors have recently modified their holdings of the company. Aristides Capital LLC grew its stake in DoubleDown Interactive by 4.5% in the 4th quarter. Aristides Capital LLC now owns 34,194 shares of the company's stock worth $295,000 after acquiring an additional 1,480 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of DoubleDown Interactive by 2.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 80,391 shares of the company's stock worth $694,000 after purchasing an additional 1,789 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of DoubleDown Interactive by 338.6% during the second quarter. Osaic Holdings Inc. now owns 3,105 shares of the company's stock worth $30,000 after purchasing an additional 2,397 shares during the last quarter. Four Tree Island Advisory LLC acquired a new stake in shares of DoubleDown Interactive during the fourth quarter worth $93,000. Finally, Corient Private Wealth LLC purchased a new stake in shares of DoubleDown Interactive in the fourth quarter valued at $94,000.

DoubleDown Interactive Company Profile

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.

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