Macquarie Lowers Digital Turbine (NASDAQ:APPS) Price Target to $2.00

Digital Turbine (NASDAQ:APPS) had its price target reduced by Macquarie from $3.00 to $2.00 in a research report sent to investors on Thursday morning,Benzinga reports. Macquarie currently has a neutral rating on the software maker’s stock.

Digital Turbine Stock Performance

NASDAQ APPS traded down $0.39 during trading hours on Thursday, hitting $1.40. 13,559,680 shares of the stock were exchanged, compared to its average volume of 3,005,275. The company has a market cap of $143.89 million, a price-to-earnings ratio of -0.37, a price-to-earnings-growth ratio of 9.61 and a beta of 2.59. The stock has a 50-day moving average of $3.03 and a 200 day moving average of $2.50. Digital Turbine has a 12-month low of $1.39 and a 12-month high of $7.33. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 2.01.

Digital Turbine (NASDAQ:APPS) last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.06. The company had revenue of $117.99 million for the quarter, compared to analyst estimates of $115.23 million. Digital Turbine had a positive return on equity of 5.37% and a negative net margin of 84.71%. The business’s revenue for the quarter was down 19.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.08 EPS. As a group, equities research analysts forecast that Digital Turbine will post 0.05 earnings per share for the current year.

Institutional Trading of Digital Turbine

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Digital Turbine in the first quarter worth about $55,000. BNP Paribas Financial Markets lifted its position in 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 acquiring an additional 190,990 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in Digital Turbine by 23.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 177,849 shares of the software maker’s stock valued at $466,000 after buying an additional 33,755 shares in the last quarter. GSA Capital Partners LLP grew its position in Digital Turbine by 155.0% during the first quarter. GSA Capital Partners LLP now owns 306,870 shares of the software maker’s stock worth $804,000 after buying an additional 186,523 shares in the last quarter. Finally, Quantbot Technologies LP raised its holdings in Digital Turbine by 6,303.5% in the 1st quarter. Quantbot Technologies LP now owns 221,626 shares of the software maker’s stock valued at $581,000 after acquiring an additional 218,165 shares in the last quarter. Institutional investors and hedge funds 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.