Short Interest in Digital Turbine, Inc. (NASDAQ:APPS) Drops By 17.0%

Digital Turbine, Inc. (NASDAQ:APPS) was the recipient of a large drop in short interest during the month of December. As of December 31st, there was short interest totalling 4,980,000 shares, a drop of 17.0% from the December 15th total of 6,000,000 shares. Based on an average daily trading volume, of 3,820,000 shares, the short-interest ratio is currently 1.3 days. Currently, 5.5% of the company’s stock are sold short.

Digital Turbine Trading Up 1.5 %

Shares of APPS opened at $2.00 on Friday. Digital Turbine has a fifty-two week low of $1.18 and a fifty-two week high of $6.03. The business has a 50-day moving average of $1.61 and a 200 day moving average of $2.40. The firm has a market cap of $207.46 million, a P/E ratio of -0.68 and a beta of 2.34. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.09 and a current ratio of 1.09.

Digital Turbine (NASDAQ:APPS) last posted its earnings results 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). The business had revenue of $118.70 million during the quarter, compared to analysts’ expectations of $125.85 million. Digital Turbine had a positive return on equity of 3.32% and a negative net margin of 61.17%. Digital Turbine’s revenue for the quarter was down 17.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.04 EPS. As a group, research analysts forecast that Digital Turbine will post -0.13 EPS for the current year.

Analysts Set New Price Targets

APPS has been the subject of a number of recent analyst reports. Craig Hallum reduced their price objective on Digital Turbine from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Macquarie reduced their price target on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, Bank of America lowered shares of Digital Turbine from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $3.50 to $1.00 in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Digital Turbine has a consensus rating of “Hold” and an average price target of $2.38.

Insider Buying and Selling at Digital Turbine

In other Digital Turbine news, Director Robert M. Deutschman bought 100,000 shares of Digital Turbine stock in a transaction dated Monday, November 11th. The stock was bought at an average cost of $1.41 per share, with a total value of $141,000.00. Following the completion of the acquisition, the director now directly owns 571,216 shares in the company, valued at approximately $805,414.56. The trade was a 21.22 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders bought 127,000 shares of company stock worth $175,610. Insiders own 5.80% of the company’s stock.

Institutional Investors Weigh In On Digital Turbine

Hedge funds and other institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its position in shares of 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 purchasing an additional 3,695 shares in the last quarter. Blue Trust Inc. grew its holdings in Digital Turbine by 104.1% during the 3rd quarter. Blue Trust Inc. now owns 8,169 shares of the software maker’s stock valued at $25,000 after buying an additional 4,167 shares in the last quarter. Rhumbline Advisers grew its holdings in Digital Turbine by 3.9% during the 2nd quarter. Rhumbline Advisers now owns 152,877 shares of the software maker’s stock valued at $254,000 after buying an additional 5,734 shares in the last quarter. Point72 DIFC Ltd increased its position in shares of Digital Turbine by 18.4% during the second 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 during the period. Finally, US Bancorp DE lifted its holdings in shares of Digital Turbine by 37.7% in the third quarter. US Bancorp DE now owns 26,561 shares of the software maker’s stock worth $82,000 after buying an additional 7,266 shares in the last quarter. 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.