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

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

Direct Digital Price Performance

Shares of Direct Digital stock traded down $0.00 during trading on Thursday, reaching $0.19. 1,065,052 shares of the stock traded hands, compared to its average volume of 1,643,297. The business has a fifty day simple moving average of $0.35 and a two-hundred day simple moving average of $0.47. The company has a market capitalization of $4.37 million, a price-to-earnings ratio of -0.14 and a beta of 5.87. Direct Digital has a 52-week low of $0.19 and a 52-week high of $6.59.

Institutional Investors Weigh In On Direct Digital

A hedge fund recently raised its stake in Direct Digital stock. XTX Topco Ltd lifted its stake in Direct Digital Holdings, Inc. (NASDAQ:DRCT) by 252.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 53,787 shares of the company’s stock after purchasing an additional 38,534 shares during the quarter. XTX Topco Ltd owned about 0.28% of Direct Digital worth $30,000 as of its most recent SEC filing. Institutional investors own 4.02% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on DRCT. Zacks Research raised shares of Direct Digital to a “hold” rating in a report on Friday, August 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Direct Digital in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.00.

Direct Digital Company Profile

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.