Digital Turbine, Inc. (NASDAQ:APPS) Short Interest Update

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

Analysts Set New Price Targets

APPS has been the subject of a number of research analyst reports. Bank of America cut Digital Turbine from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $3.50 to $1.00 in a research note on Friday, November 15th. Craig Hallum lowered their target price 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. Finally, Macquarie decreased their price objective 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 investment 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. Based on data from MarketBeat, Digital Turbine currently has an average rating of “Hold” and a consensus target price of $2.38.

Digital Turbine Trading Up 4.8 %

APPS traded up $0.12 during trading on Friday, hitting $2.63. 956,923 shares of the stock were exchanged, compared to its average volume of 2,834,990. Digital Turbine has a 1 year low of $1.18 and a 1 year high of $5.79. The firm has a 50 day simple moving average of $1.78 and a 200 day simple moving average of $2.43. The firm has a market cap of $272.81 million, a price-to-earnings ratio of -0.88 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 announced its quarterly earnings results on Wednesday, November 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Digital Turbine had a negative net margin of 61.17% and a positive return on equity of 3.32%. The company had revenue of $118.70 million during the quarter, compared to analysts’ expectations of $125.85 million. During the same quarter in the prior year, the business posted $0.04 earnings per share. The company’s revenue was down 17.1% compared to the same quarter last year. As a group, equities analysts expect that Digital Turbine will post -0.13 EPS for the current year.

Insider Buying and Selling

In other Digital Turbine news, Director Robert M. Deutschman acquired 100,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were purchased at an average cost of $1.41 per share, for a total transaction of $141,000.00. Following the transaction, the director now owns 571,216 shares in the company, valued at $805,414.56. This represents a 21.22 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased a total of 127,000 shares of company stock worth $175,610 in the last ninety days. 5.80% of the stock is owned by insiders.

Institutional Trading of Digital Turbine

A number of institutional investors have recently made changes to their positions in APPS. American Century Companies Inc. boosted its position in shares of Digital Turbine by 15.1% in the 2nd quarter. American Century Companies Inc. now owns 58,781 shares of the software maker’s stock worth $98,000 after purchasing an additional 7,725 shares in the last quarter. AQR Capital Management LLC lifted its position in Digital Turbine by 97.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,533,969 shares of the software maker’s stock worth $2,546,000 after acquiring an additional 755,707 shares during the period. The Manufacturers Life Insurance Company lifted its position in Digital Turbine by 9.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 41,135 shares of the software maker’s stock worth $68,000 after acquiring an additional 3,695 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its position in Digital Turbine by 20.6% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 96,894 shares of the software maker’s stock worth $161,000 after acquiring an additional 16,538 shares during the period. Finally, Point72 DIFC Ltd lifted 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 worth $74,000 after acquiring an additional 6,936 shares during the period. Institutional investors and hedge funds own 63.66% of the company’s stock.

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.