Digital Turbine (NASDAQ:APPS) Downgraded to Underperform Rating by Bank of America

Bank of America downgraded shares of Digital Turbine (NASDAQ:APPS) from a neutral rating to an underperform rating in a research note published on Friday morning, MarketBeat reports. The firm currently has $1.00 price target on the software maker’s stock, down from their previous price target of $3.50.

Several other equities research analysts have also recently commented on the company. Macquarie lowered their target price on Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. 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 research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Digital Turbine currently has an average rating of “Hold” and an average target price of $2.38.

Digital Turbine Price Performance

Shares of APPS traded down $0.09 during mid-day trading on Friday, reaching $1.31. The company had a trading volume of 7,203,296 shares, compared to its average volume of 3,105,208. The company’s 50-day moving average is $2.84 and its 200-day moving average is $2.48. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market capitalization of $135.89 million, a P/E ratio of -0.44, a P/E/G ratio of 4.61 and a beta of 2.59. Digital Turbine has a twelve month low of $1.29 and a twelve month high of $7.33.

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

Insider Activity at Digital Turbine

In other news, Director Robert M. Deutschman bought 100,000 shares of the stock in a transaction on Monday, November 11th. The stock was purchased at an average price of $1.41 per share, with a total value of $141,000.00. Following the completion of the purchase, the director now owns 571,216 shares of the company’s stock, valued at approximately $805,414.56. This trade represents a 21.22 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Digital Turbine

Several institutional investors and hedge funds have recently made changes to their positions in APPS. Jacobs Levy Equity Management Inc. bought a new position in Digital Turbine during the first quarter worth about $2,177,000. AQR Capital Management LLC increased its stake in Digital Turbine by 97.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,533,969 shares of the software maker’s stock worth $2,546,000 after purchasing an additional 755,707 shares in the last quarter. Baader Bank Aktiengesellschaft acquired a new stake in Digital Turbine during the 2nd quarter worth approximately $725,000. Acadian Asset Management LLC bought a new position in Digital Turbine in the second quarter valued at approximately $594,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Digital Turbine in the second quarter valued at approximately $589,000. Institutional investors and hedge funds 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.