DoubleDown Interactive (NASDAQ:DDI) Sees Large Volume Increase – Should You Buy?

DoubleDown Interactive Co., Ltd. Sponsored ADR (NASDAQ:DDI) shares saw unusually-high trading volume on Wednesday. 277,991 shares changed hands during trading, an increase of 149% from the previous session’s volume of 111,430 shares. The stock last traded at $13.6050 and had previously closed at $13.65.

Wall Street Analysts Forecast Growth

Several analysts recently commented on DDI shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of DoubleDown Interactive in a report on Friday, August 7th. B. Riley Financial boosted their price objective on DoubleDown Interactive from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.33.

DoubleDown Interactive Stock Performance

The stock has a market cap of $680.32 million, a price-to-earnings ratio of 5.42 and a beta of 1.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 18.67 and a quick ratio of 18.67. The firm has a fifty day moving average of $12.92 and a 200 day moving average of $11.62.

DoubleDown Interactive (NASDAQ:DDI) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The company had revenue of $94.29 million for the quarter, compared to analyst estimates of $92.90 million. DoubleDown Interactive had a return on equity of 12.93% and a net margin of 32.91%. As a group, sell-side analysts forecast that DoubleDown Interactive Co., Ltd. Sponsored ADR will post 2.58 EPS for the current year.

Hedge Funds Weigh In On DoubleDown Interactive

A number of hedge funds have recently added to or reduced their stakes in DDI. 683 Capital Management LLC lifted its stake in DoubleDown Interactive by 66.7% during the fourth quarter. 683 Capital Management LLC now owns 500,000 shares of the company’s stock worth $4,315,000 after purchasing an additional 200,000 shares during the last quarter. Renaissance Technologies LLC lifted its position in DoubleDown Interactive by 35.7% during the first quarter. Renaissance Technologies LLC now owns 73,256 shares of the company’s stock valued at $619,000 after purchasing an additional 19,256 shares during the period. Aristides Capital LLC boosted its stake in shares of DoubleDown Interactive by 15.5% during the 1st quarter. Aristides Capital LLC now owns 39,491 shares of the company’s stock worth $334,000 after acquiring an additional 5,297 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of DoubleDown Interactive by 11.3% in the third quarter. GAMMA Investing LLC now owns 15,064 shares of the company’s stock worth $200,000 after buying an additional 1,532 shares during the period.

About DoubleDown Interactive

DoubleDown Interactive Co, Ltd. is a South Korea-based developer and publisher of social casino games for mobile devices and the web. Its games are designed to simulate casino experiences, including slot machines and other casino-style entertainment, while using virtual currency rather than offering real-money gambling.

The company’s principal title is DoubleDown Casino, a social casino game available through mobile applications and online platforms. DoubleDown Interactive also offers additional casino-themed games and content, including slot-focused experiences developed for players seeking casual, entertainment-oriented gameplay.

DoubleDown Interactive was established in 2010 and became part of South Korean gaming company DoubleU Games in 2017.