Short Interest in Digital Turbine, Inc. (NASDAQ:APPS) Rises By 10.8%

Digital Turbine, Inc. (NASDAQ:APPS) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 5,940,000 shares, an increase of 10.8% from the May 31st total of 5,360,000 shares. Currently, 6.5% of the company’s shares are sold short. Based on an average daily volume of 1,980,000 shares, the short-interest ratio is presently 3.0 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. acquired a new position in shares of Digital Turbine in the first quarter worth approximately $2,177,000. Janus Henderson Group PLC lifted its position in shares of Digital Turbine by 6.0% in the 1st quarter. Janus Henderson Group PLC now owns 239,595 shares of the software maker’s stock worth $628,000 after purchasing an additional 13,648 shares during the period. Paloma Partners Management Co bought a new stake in shares of Digital Turbine in the 1st quarter valued at $227,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Digital Turbine during the first quarter worth $192,000. Finally, Price T Rowe Associates Inc. MD raised its stake in 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 worth $296,000 after buying an additional 41,261 shares during the last quarter. Institutional investors and hedge funds own 63.66% of the company’s stock.

Digital Turbine Stock Performance

APPS stock opened at $1.66 on Monday. Digital Turbine has a fifty-two week low of $1.39 and a fifty-two week high of $11.46. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.79. The business’s fifty day moving average price is $1.89 and its two-hundred day moving average price is $3.42.

Digital Turbine (NASDAQ:APPS) last released its earnings results on Tuesday, May 28th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.10. Digital Turbine had a positive return on equity of 6.21% and a negative net margin of 77.18%. The company had revenue of $112.22 million for the quarter, compared to analyst estimates of $118.30 million. As a group, analysts anticipate that Digital Turbine will post 0.06 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.