Short Interest in Digital Turbine, Inc. (NASDAQ:APPS) Decreases By 5.2%

Digital Turbine, Inc. (NASDAQ:APPS) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 4,920,000 shares, a drop of 5.2% from the October 15th total of 5,190,000 shares. Based on an average daily trading volume, of 3,660,000 shares, the days-to-cover ratio is currently 1.3 days. Approximately 5.4% of the shares of the stock are short sold.

Digital Turbine Price Performance

Shares of APPS stock opened at $1.21 on Wednesday. Digital Turbine has a 1 year low of $1.18 and a 1 year high of $7.33. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.24. The firm’s 50 day moving average is $2.78 and its 200-day moving average is $2.48. The firm has a market capitalization of $125.51 million, a price-to-earnings ratio of -0.41, a PEG ratio of 4.05 and a beta of 2.59.

Digital Turbine (NASDAQ:APPS) last posted its quarterly earnings data on Wednesday, November 6th. The software maker reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). The company had revenue of $118.70 million during the quarter, compared to the consensus estimate of $125.85 million. Digital Turbine had a positive return on equity of 3.32% and a negative net margin of 61.17%. The business’s revenue for the quarter was down 17.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.04 EPS. Sell-side analysts forecast that Digital Turbine will post 0.05 EPS for the current fiscal year.

Analysts Set New Price Targets

APPS has been the topic of several research analyst reports. Bank of America cut shares of Digital Turbine from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $3.50 to $1.00 in a research note on Friday, November 15th. Macquarie decreased their price target 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. Finally, Craig Hallum cut their price objective on Digital Turbine from $5.00 to $4.00 and set a “buy” rating for the company 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. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $2.38.

Insider Buying and Selling

In other news, Director Robert M. Deutschman bought 100,000 shares of the stock in a transaction dated Monday, November 11th. The shares were acquired at an average price of $1.41 per share, with a total value of $141,000.00. Following the acquisition, the director now owns 571,216 shares in the company, valued at $805,414.56. This trade represents a 21.22 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Digital Turbine

Several large investors have recently made changes to their positions in APPS. Blue Trust Inc. raised its holdings in Digital Turbine by 104.1% during the 3rd quarter. Blue Trust Inc. now owns 8,169 shares of the software maker’s stock worth $25,000 after purchasing an additional 4,167 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of Digital Turbine during the first quarter worth approximately $28,000. Ballentine Partners LLC acquired a new position in Digital Turbine in the third quarter valued at approximately $43,000. SG Americas Securities LLC acquired a new position in Digital Turbine in the second quarter valued at approximately $46,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Digital Turbine during the 1st quarter worth $55,000. 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.