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

Digital Turbine, Inc. (NASDAQ:APPS) saw a large decrease in short interest in 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 days-to-cover ratio is currently 1.3 days. Approximately 5.4% of the company’s shares are sold short.

Insider Buying and Selling

In other news, Director Robert M. Deutschman acquired 100,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were bought 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Digital Turbine

Several institutional investors have recently made changes to their positions in APPS. Allspring Global Investments Holdings LLC purchased a new stake in shares of Digital Turbine in the 1st quarter valued at $55,000. BNP Paribas Financial Markets lifted its position in shares of Digital Turbine by 192.8% during the first quarter. BNP Paribas Financial Markets now owns 290,070 shares of the software maker’s stock worth $760,000 after purchasing an additional 190,990 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Digital Turbine by 23.4% in the first quarter. Janney Montgomery Scott LLC now owns 177,849 shares of the software maker’s stock valued at $466,000 after purchasing an additional 33,755 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Digital Turbine by 143,142.6% in the first quarter. Russell Investments Group Ltd. now owns 67,324 shares of the software maker’s stock valued at $176,000 after purchasing an additional 67,277 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in Digital Turbine during the 1st quarter worth approximately $28,000. Hedge funds and other institutional investors own 63.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Bank of America lowered Digital Turbine from a “neutral” rating to an “underperform” rating and cut their target price for the company from $3.50 to $1.00 in a research note on Friday. Craig Hallum reduced their price objective on shares of Digital Turbine from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Macquarie lowered their target price on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.38.

Digital Turbine Stock Performance

APPS opened at $1.31 on Monday. The company has a market cap of $135.88 million, a price-to-earnings ratio of -0.44, a PEG ratio of 4.05 and a beta of 2.59. The firm’s fifty day simple moving average is $2.84 and its two-hundred day simple moving average is $2.49. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.24. Digital Turbine has a 52-week low of $1.29 and a 52-week high of $7.33.

Digital Turbine (NASDAQ:APPS) last posted its quarterly earnings data on Wednesday, November 6th. The software maker reported $0.05 EPS for the quarter, missing the consensus estimate 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%. The firm’s revenue for the quarter was down 17.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.04 earnings per share. Equities analysts anticipate that Digital Turbine will post 0.05 earnings per share for the current fiscal year.

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.