Digital Turbine, Inc. (NASDAQ:APPS – Get Free Report) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 4,920,000 shares, a decline of 5.2% from the October 15th total of 5,190,000 shares. Based on an average trading volume of 3,660,000 shares, the days-to-cover ratio is presently 1.3 days. Approximately 5.4% of the company’s shares are sold short.
Digital Turbine Stock Down 4.6 %
Digital Turbine stock opened at $1.25 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.24. The firm has a market cap of $129.66 million, a P/E ratio of -0.42, a P/E/G ratio of 4.05 and a beta of 2.59. The business has a fifty day moving average of $2.84 and a two-hundred day moving average of $2.49. Digital Turbine has a twelve month low of $1.22 and a twelve month high of $7.33.
Digital Turbine (NASDAQ:APPS – Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The software maker reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $118.70 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was down 17.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.04 EPS. On average, analysts forecast that Digital Turbine will post 0.05 earnings per share for the current fiscal year.
Insider Activity at Digital Turbine
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its stake in Digital Turbine by 9.9% in the second quarter. The Manufacturers Life Insurance Company now owns 41,135 shares of the software maker’s stock valued at $68,000 after acquiring an additional 3,695 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Digital Turbine by 104.1% in the 3rd quarter. Blue Trust Inc. now owns 8,169 shares of the software maker’s stock worth $25,000 after purchasing an additional 4,167 shares in the last quarter. Rhumbline Advisers grew its stake in Digital Turbine by 3.9% during the 2nd quarter. Rhumbline Advisers now owns 152,877 shares of the software maker’s stock worth $254,000 after buying an additional 5,734 shares during the last quarter. Point72 DIFC Ltd increased its position in Digital Turbine by 18.4% during the 2nd quarter. Point72 DIFC Ltd now owns 44,603 shares of the software maker’s stock valued at $74,000 after buying an additional 6,936 shares in the last quarter. Finally, US Bancorp DE raised its stake in Digital Turbine by 37.7% in the third quarter. US Bancorp DE now owns 26,561 shares of the software maker’s stock valued at $82,000 after buying an additional 7,266 shares during the last quarter. Institutional investors own 63.66% of the company’s stock.
Analysts Set New Price Targets
Several research firms have recently weighed in on APPS. Bank of America downgraded shares of Digital Turbine from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $3.50 to $1.00 in a research note on Friday. Craig Hallum decreased their target price on Digital Turbine from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Macquarie dropped their price target on Digital Turbine from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.38.
Read Our Latest Stock Analysis on Digital Turbine
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.
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