Short Interest in Digital Turbine, Inc. (NASDAQ:APPS) Declines By 6.9%

Digital Turbine, Inc. (NASDAQ:APPS) was the target of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 8,340,000 shares, a decline of 6.9% from the February 29th total of 8,960,000 shares. Approximately 9.1% of the company’s stock are sold short. Based on an average daily trading volume, of 2,660,000 shares, the days-to-cover ratio is presently 3.1 days.

Institutional Investors Weigh In On Digital Turbine

Institutional investors and hedge funds have recently made changes to their positions in the business. Greenhaven Road Investment Management L.P. lifted its holdings in Digital Turbine by 244.9% in the 4th quarter. Greenhaven Road Investment Management L.P. now owns 1,940,020 shares of the software maker’s stock valued at $13,308,000 after purchasing an additional 1,377,587 shares in the last quarter. Norges Bank purchased a new position in Digital Turbine in the 4th quarter valued at about $13,125,000. Vanguard Group Inc. lifted its holdings in Digital Turbine by 8.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,649,564 shares of the software maker’s stock valued at $153,461,000 after purchasing an additional 843,856 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Digital Turbine by 178.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 921,215 shares of the software maker’s stock valued at $11,385,000 after purchasing an additional 589,981 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Digital Turbine in the 3rd quarter valued at about $3,557,000. 63.66% of the stock is currently owned by hedge funds and other institutional investors.

Digital Turbine Price Performance

Digital Turbine stock opened at $2.62 on Monday. Digital Turbine has a 52 week low of $2.46 and a 52 week high of $14.61. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.84. The firm’s 50-day simple moving average is $3.75 and its 200 day simple moving average is $5.05. The firm has a market capitalization of $267.29 million, a PE ratio of -1.33, a P/E/G ratio of 4.83 and a beta of 2.52.

Digital Turbine (NASDAQ:APPS) last released its quarterly earnings data on Wednesday, February 7th. The software maker reported $0.07 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.03). Digital Turbine had a positive return on equity of 4.48% and a negative net margin of 34.53%. The business had revenue of $142.63 million during the quarter, compared to analysts’ expectations of $146.45 million. On average, equities research analysts predict that Digital Turbine will post 0.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on APPS shares. StockNews.com raised shares of Digital Turbine from a “sell” rating to a “hold” rating in a research note on Tuesday, February 13th. Craig Hallum lowered their price target on shares of Digital Turbine from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, February 8th. Finally, Roth Mkm lowered their price target on shares of Digital Turbine from $5.50 to $4.50 and set a “neutral” rating on the stock in a research note on Thursday, February 8th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $7.50.

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.