Digital Turbine, Inc. (NASDAQ:APPS) Sees Large Decrease in Short Interest

Digital Turbine, Inc. (NASDAQ:APPS) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 4,920,000 shares, a decrease of 5.2% from the October 15th total of 5,190,000 shares. Based on an average daily volume of 3,660,000 shares, the short-interest ratio is presently 1.3 days. Currently, 5.4% of the company’s stock are short sold.

Analyst Ratings Changes

A number of brokerages have recently commented on APPS. Craig Hallum cut their target price on shares of Digital Turbine from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Macquarie dropped their price objective on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, Bank of America cut shares of Digital Turbine from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $3.50 to $1.00 in a report on Friday. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.38.

Digital Turbine Stock Performance

NASDAQ:APPS opened at $1.31 on Monday. The firm has a market cap of $135.88 million, a PE ratio of -0.44, a P/E/G ratio of 4.05 and a beta of 2.59. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.09 and a quick ratio of 1.09. Digital Turbine has a 1-year low of $1.29 and a 1-year high of $7.33. The firm has a 50 day simple moving average of $2.84 and a 200-day simple moving average of $2.49.

Digital Turbine (NASDAQ:APPS) last announced its quarterly earnings data on Wednesday, November 6th. The software maker reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). Digital Turbine had a positive return on equity of 3.32% and a negative net margin of 61.17%. The company had revenue of $118.70 million for the quarter, compared to analysts’ expectations of $125.85 million. During the same quarter in the previous year, the company earned $0.04 earnings per share. The company’s revenue was down 17.1% on a year-over-year basis. On average, equities analysts expect that Digital Turbine will post 0.05 EPS for the current year.

Insider Buying and Selling at Digital Turbine

In other Digital Turbine news, Director Robert M. Deutschman bought 100,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was purchased at an average price of $1.41 per share, for a total transaction of $141,000.00. Following the completion of the purchase, the director now directly owns 571,216 shares in the company, valued at $805,414.56. This trade represents a 21.22 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.80% of the company’s stock.

Hedge Funds Weigh In On Digital Turbine

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. purchased a new stake in Digital Turbine during the 1st quarter worth approximately $2,177,000. Janney Montgomery Scott LLC grew its position in shares of Digital Turbine by 23.4% during the first quarter. Janney Montgomery Scott LLC now owns 177,849 shares of the software maker’s stock worth $466,000 after buying an additional 33,755 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Digital Turbine in the second quarter worth $594,000. BNP Paribas Financial Markets raised its holdings in Digital Turbine by 192.8% in the first quarter. BNP Paribas Financial Markets now owns 290,070 shares of the software maker’s stock valued at $760,000 after acquiring an additional 190,990 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Digital Turbine during the 2nd quarter valued at $589,000. Hedge funds and other institutional investors own 63.66% of the company’s stock.

Digital Turbine Company Profile

Digital Turbine, Inc, through its subsidiaries, operates a mobile growth platform for advertisers, publishers, carriers, and device original equipment manufacturers (OEMs). The company operates through two segments, On Device Solutions and App Growth Platform. Its application media platform delivers mobile applications to various publishers, carriers, OEMs, and devices; and content media platform offers news, weather, sports, and other content, as well as programmatic advertising and media content delivery services, and sponsored and editorial content media.