Short Interest in Digital Turbine, Inc. (NASDAQ:APPS) Drops By 5.2%

Digital Turbine, Inc. (NASDAQ:APPS) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 4,920,000 shares, a decrease of 5.2% from the October 15th total of 5,190,000 shares. Approximately 5.4% of the shares of the company are short sold. Based on an average daily volume of 3,660,000 shares, the days-to-cover ratio is presently 1.3 days.

Digital Turbine Price Performance

Shares of NASDAQ APPS opened at $1.25 on Tuesday. 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 stock has a market capitalization of $129.66 million, a price-to-earnings ratio of -0.42, a PEG ratio of 4.05 and a beta of 2.59. The firm’s 50 day simple moving average is $2.84 and its 200-day simple moving average is $2.49. Digital Turbine has a 12 month low of $1.22 and a 12 month high of $7.33.

Digital Turbine (NASDAQ:APPS) last released its quarterly earnings results on Wednesday, November 6th. The software maker reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $118.70 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.04 EPS. Analysts expect that Digital Turbine will post 0.05 EPS for the current year.

Insiders Place Their Bets

In other news, Director Robert M. Deutschman acquired 100,000 shares of the business’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 completion of the acquisition, the director now owns 571,216 shares of the company’s stock, valued at approximately $805,414.56. This trade represents a 21.22 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 5.80% of the company’s stock.

Hedge Funds Weigh In On Digital Turbine

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew 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 valued at $7,169,000 after purchasing an additional 181,032 shares during the period. Barclays PLC lifted its position in shares of Digital Turbine by 62.5% during the 3rd quarter. Barclays PLC now owns 252,673 shares of the software maker’s stock valued at $776,000 after buying an additional 97,196 shares in the last quarter. XTX Topco Ltd grew its stake in Digital Turbine by 33.8% in 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 during the period. Centiva Capital LP acquired a new stake in Digital Turbine in the 3rd quarter valued at $262,000. Finally, Intech Investment Management LLC purchased a new stake in Digital Turbine in the 3rd quarter worth $84,000. Hedge funds and other institutional investors own 63.66% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on APPS shares. Craig Hallum reduced their price target on shares of Digital Turbine from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Macquarie reduced their target price on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company 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 lowered their price target for the company from $3.50 to $1.00 in a report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.38.

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.