Why Direct Digital Holdings Shares Are Soaring Today

Direct Digital Holdings Inc DRCT is trading higher Wednesday after Benchmark analyst Daniel Kurnos initiated coverage on the stock with a Buy rating and announced a $8 price target.

Given the company's end-to-end programmatic platform approach, Kurnos thinks Direct Digital separates itself from the competition in the ad-tech marketplace.

The Benchmark analyst also thinks Direct Digital has a leg up on the competition as a result of its focus on small and medium-sized businesses, which are often overlooked in the space, according to Kurnos.

Direct Digital is an end-to-end, full-service programmatic advertising platform primarily focused on providing advertising technology and data-driven campaign optimization.

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DRCT 52-Week Range: $1.18 - $4.35

Direct Digital shares were up 76.6% at $2.11 at time of publication.