Direct Digital (NASDAQ:DRCT) Announces Quarterly Earnings Results

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

Direct Digital Stock Performance

Direct Digital stock traded up $0.14 during trading hours on Thursday, hitting $0.34. 9,703,797 shares of the stock were exchanged, compared to its average volume of 1,660,211. The stock has a market capitalization of $7.54 million, a P/E ratio of -0.22 and a beta of 5.87. The business’s 50-day moving average is $0.35 and its two-hundred day moving average is $0.47. Direct Digital has a 12 month low of $0.19 and a 12 month high of $6.59.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Direct Digital in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Direct Digital to a “hold” rating in a research note on Friday, August 8th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.00.

Institutional Investors Weigh In On Direct Digital

An institutional investor recently raised its position in Direct Digital stock. XTX Topco Ltd lifted its stake in shares of Direct Digital Holdings, Inc. (NASDAQ:DRCT) by 252.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 53,787 shares of the company’s stock after purchasing an additional 38,534 shares during the period. XTX Topco Ltd owned approximately 0.28% of Direct Digital worth $30,000 at the end of the most recent reporting period. 4.02% of the stock is owned by institutional investors and hedge funds.

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.