JPMorgan Chase & Co. Acquires 340,512 Shares of Digital Turbine, Inc. (NASDAQ:APPS)

JPMorgan Chase & Co. raised its holdings in Digital Turbine, Inc. (NASDAQ:APPS) by 719.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 387,834 shares of the software maker’s stock after buying an additional 340,512 shares during the quarter. JPMorgan Chase & Co. owned about 0.37% of Digital Turbine worth $1,191,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Franklin Resources Inc. purchased a new stake in shares of Digital Turbine in the 3rd quarter worth about $185,000. Barclays PLC raised its stake in Digital Turbine by 62.5% in the third quarter. Barclays PLC now owns 252,673 shares of the software maker’s stock worth $776,000 after buying an additional 97,196 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Digital Turbine by 8.4% in the third quarter. Geode Capital Management LLC now owns 2,334,648 shares of the software maker’s stock worth $7,169,000 after buying an additional 181,032 shares during the period. XTX Topco Ltd boosted its position in Digital Turbine by 33.8% during the 3rd quarter. XTX Topco Ltd now owns 169,868 shares of the software maker’s stock valued at $521,000 after acquiring an additional 42,954 shares in the last quarter. Finally, Centiva Capital LP purchased a new position in shares of Digital Turbine during the 3rd quarter worth approximately $262,000. 63.66% of the stock is currently owned by institutional investors.

Digital Turbine Trading Up 9.3 %

Shares of APPS stock opened at $2.46 on Friday. The company has a market cap of $255.18 million, a PE ratio of -0.83 and a beta of 2.34. Digital Turbine, Inc. has a 1 year low of $1.18 and a 1 year high of $6.03. The stock’s 50 day simple moving average is $1.69 and its two-hundred day simple moving average is $2.42. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.09 and a quick ratio of 1.09.

Digital Turbine (NASDAQ:APPS) last announced its earnings results on Wednesday, November 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). The business had revenue of $118.70 million for the quarter, compared to analysts’ expectations of $125.85 million. Digital Turbine had a negative net margin of 61.17% and a positive return on equity of 3.32%. The firm’s quarterly revenue was down 17.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.04 EPS. Research analysts predict that Digital Turbine, Inc. will post -0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on APPS shares. Craig Hallum dropped their price target on Digital Turbine from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Macquarie dropped their target price on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Finally, Bank of America lowered shares of Digital Turbine from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $3.50 to $1.00 in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Digital Turbine presently has an average rating of “Hold” and an average target price of $2.38.

Insider Transactions at Digital Turbine

In other Digital Turbine news, Director Robert M. Deutschman acquired 100,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were acquired at an average cost of $1.41 per share, with a total value of $141,000.00. Following the acquisition, the director now directly owns 571,216 shares of the company’s stock, valued at approximately $805,414.56. The trade was a 21.22 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have bought a total of 127,000 shares of company stock valued at $175,610 in the last 90 days. Insiders own 5.80% of the company’s stock.

Digital Turbine Profile

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.