Digital Turbine, Inc. (NASDAQ:APPS) Short Interest Down 5.2% in October

Digital Turbine, Inc. (NASDAQ:APPS) was the recipient of a significant drop in short interest during 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. Currently, 5.4% of the company’s shares are sold short. Based on an average daily trading volume, of 3,660,000 shares, the short-interest ratio is presently 1.3 days.

Analyst Upgrades and Downgrades

APPS has been the topic of several recent analyst reports. Bank of America lowered Digital Turbine from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $3.50 to $1.00 in a report on Friday, November 15th. 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. Finally, Macquarie decreased their price objective on Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.38.

Digital Turbine Stock Performance

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

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 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 business posted $0.04 EPS. The firm’s quarterly revenue was down 17.1% compared to the same quarter last year. Equities analysts expect that Digital Turbine will post 0.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robert M. Deutschman bought 100,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were bought at an average cost of $1.41 per share, for a total transaction of $141,000.00. Following the completion of the acquisition, the director now owns 571,216 shares in the company, valued at approximately $805,414.56. This trade represents a 21.22 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.80% of the company’s stock.

Institutional Trading of Digital Turbine

A number of institutional investors have recently made changes to their positions in APPS. Blue Trust Inc. increased its stake in Digital Turbine by 104.1% in the 3rd quarter. Blue Trust Inc. now owns 8,169 shares of the software maker’s stock valued at $25,000 after buying an additional 4,167 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Digital Turbine in the 1st quarter valued at about $28,000. Ballentine Partners LLC acquired a new stake in shares of Digital Turbine in the third quarter valued at about $43,000. Creative Planning bought a new stake in Digital Turbine during the third quarter worth about $57,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in Digital Turbine during the first quarter worth about $55,000. Institutional investors own 63.66% of the company’s stock.

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.