Direct Digital Holdings, Inc. (NASDAQ:DRCT) Short Interest Up 189.9% in March

Direct Digital Holdings, Inc. (NASDAQ:DRCT) saw a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 917,100 shares, a growth of 189.9% from the March 15th total of 316,400 shares. Currently, 14.0% of the company’s shares are short sold. Based on an average trading volume of 1,340,000 shares, the days-to-cover ratio is presently 0.7 days.

Direct Digital Price Performance

Direct Digital stock traded up $0.10 during trading hours on Thursday, reaching $0.64. The company had a trading volume of 1,332,696 shares, compared to its average volume of 928,880. Direct Digital has a 12-month low of $0.44 and a 12-month high of $8.11. The company has a 50-day moving average price of $0.84 and a 200 day moving average price of $1.49. The firm has a market cap of $11.38 million, a price-to-earnings ratio of -0.55 and a beta of 6.63.

Direct Digital (NASDAQ:DRCT) last announced its quarterly earnings results on Thursday, March 27th. The company reported ($0.54) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.24. The business had revenue of $9.08 million during the quarter, compared to analysts’ expectations of $13.82 million. Direct Digital had a negative net margin of 5.61% and a negative return on equity of 25.66%. As a group, research analysts expect that Direct Digital will post -1.91 earnings per share for the current year.

Institutional Investors Weigh In On Direct Digital

An institutional investor recently bought a new position in Direct Digital stock. Citadel Advisors LLC purchased a new stake in Direct Digital Holdings, Inc. (NASDAQ:DRCT) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 44,202 shares of the company’s stock, valued at approximately $70,000. Citadel Advisors LLC owned approximately 0.30% of Direct Digital as of its most recent SEC filing. 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.