Wedbush raised the firm’s price target on DoubleDown (DDI) to $21 from $16.25 and keeps an Outperform rating on the shares following the Q3 report. The firm says the company is executing well against a slowly shrinking user base. DoubleDown’s ability to monetize its base, converting nearly 7% of its active users into active payers is impressive, tracking at around three-times the industry norm, the analyst tells investors in a research note. Wedbush sees a “lot of runway” for the real-money gaming business, and says that should real-money gaming ever be legalized in the U.S., DoubleDown will “hit the ground running.” DoubleDown also has significant potential to expand further throughout Europe, it adds.
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Read More on DDI:
- DoubleDown Interactive Shows Revenue Growth Amid Strategic Expansion
- DoubleDown reports Q3 EPS 51c, consensus 55c
- Doubledown Interactive Co., Ltd. (DDI) Q3 Earnings Cheat Sheet
- DoubleDown Interactive Announces Q3 2024 Results
- Doubledown Interactive Ends Development Agreement
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