The Vanguard Group, Inc. recently announced the acquisition of new stake in Direct Digital Holdings Inc. (NASDAQ:DRCT). The institutional investor has increased its shareholding in the Communication Services company by 335.08% to 0.12 million shares with purchase of 94748.0 shares. This fresh investment now brings its stake to 3.77% valued currently at $0.3 million. In addition, Two Sigma Investments LP raised its holdings by 17095.0 to 28760.0 shares.
With over 0.44 million Direct Digital Holdings Inc. (DRCT) shares trading Friday and a closing price of $3.68 on the day, the dollar volume was approximately $1.6 million. The shares have shown a positive half year performance of 145.33% and its price on 01/13/23 gained nearly 29.12%. Currently, there are 14.54M common shares owned by the public and among those 3.26M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for DRCT have a consensus price objective of $7.50. The analysts have set the share’s price value over the next 12 months at a high of $10.00 and a low of $6.00. The average price target is 50.93% above its recent price level and an upside to the estimated low will see the stock gain 38.67% over that period. But an upside of 63.2% will see the stock hit the forecast high price target while median target price for the stock is $6.50.
Insiders at the company have transacted a total of 9 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 2 of these insider trades were purchases, accounting for 200,000 shares. Insider sales of the common stock occurred on 7 occasions, with total insider shares sold totaling 460,000 shares.
The top 3 mutual fund holders in Direct Digital Holdings Inc. are Vanguard Total Stock Market Index, Vanguard Extended Market Index Fu, and Fidelity Extended Market Index Fu. Vanguard Total Stock Market Index owns 90848.0 shares of the company’s stock, all valued at over $0.22 million. Fidelity Extended Market Index Fu now owns shares totaling to 0.38% of the shares outstanding.
Shares of Direct Digital Holdings Inc. (NASDAQ: DRCT) opened at $2.80, down -$0.05 from a prior closing price of $2.85. However, the script later moved the day high at 3.6800, up 29.12%. The company’s stock has a 5-day price change of 33.33% and 80.39% over the past three months. It has a 12-month low price of $1.16 and touched a high of $5.49 over the same period. DRCT has an average intraday trading volume of 62.45K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 40.65%, 32.73%, and 53.98% respectively.
Institutional ownership of Direct Digital Holdings Inc. (NASDAQ: DRCT) shares accounts for 15.70% of the company’s 14.54M shares outstanding. Mutual fund holders own 2.88%, while other institutional holders and individual stakeholders account for 4.46% and 12.42% respectively.
It has a market capitalization of $41.40M. The stock’s trailing 12-month PE ratio is 126.90, while the earnings-per-share (ttm) stands at $0.03. Price movements for the stock have been influenced by the stock’s volatility, which stands at 12.36% over the week and 9.88% over the month.
Analysts forecast that Direct Digital Holdings Inc. (DRCT) will achieve an EPS of $0.05 for the current quarter, $0.04 for the next quarter and $0.41 for 2023. The lowest estimate earnings-per-share for the quarter is $0.02 while analysts give the company a high EPS estimate of $0.1. Earnings per share for the fiscal year are expected to decrease by -65.90%, and 56.55% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Direct Digital Holdings Inc. (DRCT) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”