DoubleDown Interactive (DDI) stock plummeted 5.23% in Wednesday's intraday trading session after Northland Capital Markets lowered its price target on the company.
Northland cut its price target on DDI to $18 from $21 while maintaining an Outperform rating on the shares. The analyst firm's downgrade followed DDI's Q4 2024 earnings results, which missed expectations.
In DDI's Q4 earnings call, the company reported revenue of $82 million and adjusted EBITDA of $35.1 million, with growth driven by the acquisition of the SuperNation iGaming business. However, Northland analysts appear to have expected stronger results, prompting the price target cut which likely weighed on DDI's stock price.
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