Direct Digital (NASDAQ:DRCT) Stock Price Down 8.8% – Here’s Why

Direct Digital Holdings, Inc. (NASDAQ:DRCT) was down 8.8% during mid-day trading on Tuesday . The company traded as low as $0.47 and last traded at $0.49. Approximately 845,221 shares changed hands during trading, a decline of 28% from the average daily volume of 1,166,774 shares. The stock had previously closed at $0.53.

Wall Street Analysts Forecast Growth

Separately, Benchmark decreased their price target on Direct Digital from $8.00 to $6.00 and set a “buy” rating for the company in a report on Wednesday, May 7th.

Direct Digital Trading Down 8.8%

The firm has a market capitalization of $9.23 million, a PE ratio of -0.42 and a beta of 6.61. The company has a fifty day moving average price of $0.67 and a two-hundred day moving average price of $1.15.

Direct Digital (NASDAQ:DRCT) last posted its earnings results on Tuesday, May 6th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.30). Direct Digital had a negative net margin of 5.61% and a negative return on equity of 25.66%. The firm had revenue of $8.16 million during the quarter, compared to analysts’ expectations of $9.40 million. As a group, equities research analysts predict that Direct Digital Holdings, Inc. will post -1.91 earnings per share for the current year.

Institutional Trading of 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 13F filing with the SEC. The fund purchased 44,202 shares of the company’s stock, valued at approximately $70,000. Citadel Advisors LLC owned 0.30% of Direct Digital as of its most recent SEC filing. Institutional investors and hedge funds own 4.02% of the company’s stock.

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.