Digital Turbine, Inc. (NASDAQ:APPS) Sees Significant Drop in Short Interest

Digital Turbine, Inc. (NASDAQ:APPS) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 3,830,000 shares, a drop of 26.5% from the August 15th total of 5,210,000 shares. Based on an average daily trading volume, of 3,940,000 shares, the days-to-cover ratio is presently 1.0 days. Approximately 4.2% of the shares of the stock are short sold.

Digital Turbine Trading Down 1.0 %

APPS stock traded down $0.03 during midday trading on Monday, reaching $2.91. The stock had a trading volume of 1,818,151 shares, compared to its average volume of 2,967,467. 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 has a twelve month low of $1.39 and a twelve month high of $7.32. The firm has a market cap of $299.09 million, a price-to-earnings ratio of -0.71 and a beta of 2.60. The business has a fifty day simple moving average of $2.75 and a two-hundred day simple moving average of $2.36.

Digital Turbine (NASDAQ:APPS) last released its earnings results on Wednesday, August 7th. The software maker reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.06. The firm 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 company’s quarterly revenue was down 19.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.08 earnings per share.

Institutional Investors Weigh In On Digital Turbine

Hedge funds have recently bought and sold shares of the company. Greenhaven Road Investment Management L.P. raised its stake in Digital Turbine by 244.9% during the 4th quarter. Greenhaven Road Investment Management L.P. now owns 1,940,020 shares of the software maker’s stock worth $13,308,000 after buying an additional 1,377,587 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in shares of Digital Turbine during the 1st quarter worth about $2,177,000. AQR Capital Management LLC increased its position in shares of Digital Turbine by 97.1% in the second quarter. AQR Capital Management LLC now owns 1,533,969 shares of the software maker’s stock valued at $2,546,000 after acquiring an additional 755,707 shares during the last quarter. Vanguard Group Inc. raised its holdings in Digital Turbine by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 12,790,615 shares of the software maker’s stock worth $87,744,000 after acquiring an additional 543,160 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new position in Digital Turbine during the second quarter valued at approximately $725,000. 63.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on APPS. Roth Mkm lowered their price objective on shares of Digital Turbine from $3.00 to $2.50 and set a “neutral” rating for the company in a research report on Wednesday, May 29th. Craig Hallum lowered their price target on shares of Digital Turbine from $10.00 to $5.00 and set a “buy” rating for the company in a report on Wednesday, May 29th.

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.