Short Interest in Digital Turbine, Inc. (NASDAQ:APPS) Declines By 6.3%

Digital Turbine, Inc. (NASDAQ:APPS) was the target of a significant drop in short interest during the month of May. As of May 31st, there was short interest totalling 5,360,000 shares, a drop of 6.3% from the May 15th total of 5,720,000 shares. Approximately 5.9% of the shares of the company are sold short. Based on an average trading volume of 2,440,000 shares, the short-interest ratio is presently 2.2 days.

Institutional Investors Weigh In On Digital Turbine

A number of institutional investors have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. purchased a new stake in Digital Turbine during the first quarter worth about $2,177,000. Janus Henderson Group PLC raised its holdings in shares of Digital Turbine by 6.0% in the first quarter. Janus Henderson Group PLC now owns 239,595 shares of the software maker’s stock worth $628,000 after acquiring an additional 13,648 shares during the last quarter. Paloma Partners Management Co purchased a new stake in shares of Digital Turbine in the first quarter valued at $227,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Digital Turbine during the first quarter valued at $192,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Digital Turbine by 57.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 112,797 shares of the software maker’s stock valued at $296,000 after acquiring an additional 41,261 shares during the last quarter. Hedge funds and other institutional investors own 63.66% of the company’s stock.

Analysts Set New Price Targets

APPS has been the subject of several research reports. StockNews.com upgraded shares of Digital Turbine from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. Roth Mkm lowered their price target on Digital Turbine from $3.00 to $2.50 and set a “neutral” rating on the stock in a report on Wednesday, May 29th. Finally, Craig Hallum decreased their price objective on Digital Turbine from $10.00 to $5.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Digital Turbine has an average rating of “Hold” and a consensus target price of $5.17.

Digital Turbine Stock Down 4.5 %

Shares of NASDAQ:APPS opened at $1.47 on Monday. The company has a market cap of $150.69 million, a price-to-earnings ratio of -0.35, a PEG ratio of 4.11 and a beta of 2.59. Digital Turbine has a fifty-two week low of $1.45 and a fifty-two week high of $11.46. The firm’s 50-day simple moving average is $1.99 and its 200-day simple moving average is $3.73. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.79.

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.