Digital Turbine, Inc. (NASDAQ:APPS) Sees Large Decrease in Short Interest

Digital Turbine, Inc. (NASDAQ:APPS) was the recipient of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 4,980,000 shares, a drop of 17.0% from the December 15th total of 6,000,000 shares. Approximately 5.5% of the shares of the stock are short sold. Based on an average daily volume of 3,820,000 shares, the short-interest ratio is presently 1.3 days.

Digital Turbine Stock Up 2.3 %

Shares of Digital Turbine stock traded up $0.05 on Friday, hitting $2.02. The company had a trading volume of 1,300,587 shares, compared to its average volume of 2,840,358. The stock has a 50-day moving average of $1.60 and a 200-day moving average of $2.40. 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 has a twelve month low of $1.18 and a twelve month high of $6.03. The firm has a market capitalization of $209.02 million, a P/E ratio of -0.68 and a beta of 2.34.

Digital Turbine (NASDAQ:APPS) last announced its earnings results 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). The company had revenue of $118.70 million during the quarter, compared to analyst estimates of $125.85 million. Digital Turbine had a positive return on equity of 3.32% and a negative net margin of 61.17%. Digital Turbine’s revenue for the quarter was down 17.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.04 earnings per share. Research analysts predict that Digital Turbine will post -0.13 earnings per share for the current year.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Director Robert M. Deutschman acquired 100,000 shares of Digital Turbine stock in a transaction on Monday, November 11th. The shares were purchased 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 represents a 21.22 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 127,000 shares of company stock worth $175,610 over the last quarter. Company insiders own 5.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its stake in shares of Digital Turbine by 97.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,533,969 shares of the software maker’s stock worth $2,546,000 after buying an additional 755,707 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Digital Turbine in the 2nd quarter valued at about $594,000. JPMorgan Chase & Co. grew its holdings in Digital Turbine by 719.6% during the third quarter. JPMorgan Chase & Co. now owns 387,834 shares of the software maker’s stock worth $1,191,000 after purchasing an additional 340,512 shares during the period. Geode Capital Management LLC raised its stake 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 valued at $7,169,000 after buying an additional 181,032 shares during the period. Finally, Lindbrook Capital LLC bought a new stake in Digital Turbine in the third quarter valued at approximately $405,000. 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.