Digital Turbine (NASDAQ:APPS) Lowered to “Underperform” Rating by Bank of America

Bank of America cut shares of Digital Turbine (NASDAQ:APPS) from a neutral rating to an underperform rating in a research report released on Friday, Marketbeat reports. Bank of America currently has $1.00 price objective on the software maker’s stock, down from their prior price objective of $3.50.

APPS has been the topic of several other research reports. Craig Hallum dropped their target price on Digital Turbine from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Macquarie cut their price objective on Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $2.38.

Digital Turbine Stock Down 6.4 %

NASDAQ APPS traded down $0.09 during trading on Friday, hitting $1.31. The stock had a trading volume of 7,203,296 shares, compared to its average volume of 3,105,208. Digital Turbine has a 12 month low of $1.29 and a 12 month high of $7.33. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.09 and a current ratio of 1.09. The company’s 50-day moving average price is $2.84 and its two-hundred day moving average price is $2.48. The company has a market capitalization of $135.89 million, a PE ratio of -0.44, a P/E/G ratio of 4.61 and a beta of 2.59.

Digital Turbine (NASDAQ:APPS) last announced its earnings results on Wednesday, November 6th. The software maker reported $0.05 EPS 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 business had revenue of $118.70 million for the quarter, compared to analyst estimates of $125.85 million. During the same quarter in the previous year, the company posted $0.04 EPS. The business’s revenue for the quarter was down 17.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Digital Turbine will post 0.05 EPS for the current year.

Insiders Place Their Bets

In related news, Director Robert M. Deutschman bought 100,000 shares of Digital Turbine stock in a transaction that occurred on Monday, November 11th. The stock was acquired at an average price of $1.41 per share, with a total value of $141,000.00. Following the acquisition, the director now owns 571,216 shares of the company’s stock, valued at approximately $805,414.56. This represents a 21.22 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.80% of the company’s stock.

Institutional Investors Weigh In On Digital Turbine

Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in Digital Turbine by 8.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,334,648 shares of the software maker’s stock valued at $7,169,000 after purchasing an additional 181,032 shares during the period. Barclays PLC grew its stake in shares of Digital Turbine by 62.5% in the third quarter. Barclays PLC now owns 252,673 shares of the software maker’s stock valued at $776,000 after acquiring an additional 97,196 shares in the last quarter. XTX Topco Ltd increased its position in Digital Turbine by 33.8% during the third quarter. XTX Topco Ltd now owns 169,868 shares of the software maker’s stock worth $521,000 after acquiring an additional 42,954 shares during the period. Centiva Capital LP bought a new position in Digital Turbine during the third quarter worth about $262,000. Finally, Intech Investment Management LLC acquired a new stake in Digital Turbine in the 3rd quarter worth about $84,000. Institutional investors own 63.66% of the company’s stock.

About Digital Turbine

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.