State Street Corp Reduces Stock Position in Digital Turbine, Inc. (NASDAQ:APPS)

State Street Corp decreased its position in shares of Digital Turbine, Inc. (NASDAQ:APPS) by 2.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,108,862 shares of the software maker’s stock after selling 51,013 shares during the quarter. State Street Corp owned 2.03% of Digital Turbine worth $6,474,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Acadian Asset Management LLC acquired a new position in Digital Turbine during the second quarter worth $594,000. AQR Capital Management LLC increased its position in shares of Digital Turbine by 97.1% in the second quarter. AQR Capital Management LLC now owns 1,533,969 shares of the software maker’s stock valued at $2,546,000 after buying an additional 755,707 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Digital Turbine by 80.9% during the 3rd quarter. SG Americas Securities LLC now owns 50,053 shares of the software maker’s stock worth $154,000 after buying an additional 22,385 shares during the last quarter. Point72 DIFC Ltd boosted its position in shares of Digital Turbine by 18.4% in the 2nd quarter. Point72 DIFC Ltd now owns 44,603 shares of the software maker’s stock worth $74,000 after buying an additional 6,936 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Digital Turbine by 20.6% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 96,894 shares of the software maker’s stock worth $161,000 after buying an additional 16,538 shares in the last quarter. Institutional investors and hedge funds own 63.66% of the company’s stock.

Digital Turbine Trading Down 7.5 %

Shares of APPS stock opened at $1.86 on Friday. The company has a market capitalization of $192.93 million, a price-to-earnings ratio of -0.63 and a beta of 2.37. 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 has a 50-day moving average price of $1.97 and a 200 day moving average price of $2.36. Digital Turbine, Inc. has a twelve month low of $1.18 and a twelve month high of $7.30.

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 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 firm had revenue of $118.70 million during the quarter, compared to analyst estimates of $125.85 million. During the same period in the prior year, the firm earned $0.04 EPS. The business’s quarterly revenue was down 17.1% on a year-over-year basis. Research analysts forecast that Digital Turbine, Inc. will post -0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Digital Turbine news, Director Robert M. Deutschman acquired 100,000 shares of the stock in a transaction dated Monday, November 11th. The stock was acquired at an average price of $1.41 per share, with a total value of $141,000.00. Following the completion of the transaction, the director now directly owns 571,216 shares in the company, valued at approximately $805,414.56. This trade represents a 21.22 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have acquired a total of 127,000 shares of company stock valued at $175,610 in the last quarter. 5.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

Digital Turbine Company 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.