Direct Digital (NASDAQ:DRCT) Releases Quarterly Earnings Results, Misses Estimates By $0.08 EPS

Direct Digital (NASDAQ:DRCT) announced its earnings results on Wednesday. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08), Zacks reports. The company had revenue of $7.98 million for the quarter, compared to analysts’ expectations of $14.50 million.

Direct Digital Price Performance

Direct Digital stock traded up $0.17 during midday trading on Thursday, hitting $0.37. 28,132,147 shares of the stock were exchanged, compared to its average volume of 1,668,392. Direct Digital has a 1 year low of $0.19 and a 1 year high of $6.59. The firm has a market cap of $8.29 million, a P/E ratio of -0.28 and a beta of 5.87. The company has a 50 day moving average price of $0.35 and a two-hundred day moving average price of $0.47.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on DRCT. Weiss Ratings restated a “sell (e+)” rating on shares of Direct Digital in a report on Wednesday, October 8th. Zacks Research raised shares of Direct Digital to a “hold” rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Direct Digital currently has an average rating of “Hold” and an average target price of $6.00.

Institutional Trading of Direct Digital

An institutional investor recently raised its position in Direct Digital stock. XTX Topco Ltd increased its holdings in Direct Digital Holdings, Inc. (NASDAQ:DRCT) by 252.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 53,787 shares of the company’s stock after acquiring an additional 38,534 shares during the quarter. XTX Topco Ltd owned approximately 0.28% of Direct Digital worth $30,000 as of its most recent filing with the SEC. 4.02% of the stock is currently owned by hedge funds and other institutional investors.

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.