Short Interest in Digital Turbine, Inc. (NASDAQ:APPS) Grows By 11.4%

Digital Turbine, Inc. (NASDAQ:APPS) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 5,480,000 shares, a growth of 11.4% from the October 31st total of 4,920,000 shares. Currently, 6.0% of the company’s shares are short sold. Based on an average trading volume of 3,440,000 shares, the days-to-cover ratio is presently 1.6 days.

Insider Activity at Digital Turbine

In other Digital Turbine news, Director Robert M. Deutschman bought 100,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were bought at an average cost of $1.41 per share, with a total value of $141,000.00. Following the completion of the purchase, the director now directly owns 571,216 shares of the company’s stock, valued at $805,414.56. This trade represents a 21.22 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders purchased 127,000 shares of company stock worth $175,610 in the last ninety days. 5.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd purchased a new position in shares of Digital Turbine in the 1st quarter worth about $28,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Digital Turbine by 57.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 112,797 shares of the software maker’s stock valued at $296,000 after buying an additional 41,261 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Digital Turbine during the first quarter valued at approximately $192,000. Janus Henderson Group PLC raised its holdings in Digital Turbine by 6.0% in the 1st quarter. Janus Henderson Group PLC now owns 239,595 shares of the software maker’s stock worth $628,000 after acquiring an additional 13,648 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Digital Turbine in the 2nd quarter worth approximately $46,000. Institutional investors own 63.66% of the company’s stock.

Analyst Ratings Changes

APPS has been the topic of a number of recent analyst reports. Craig Hallum cut their price objective 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. Bank of America cut shares of Digital Turbine from a “neutral” rating to an “underperform” rating and cut their price target for the company from $3.50 to $1.00 in a report on Friday, November 15th. Finally, Macquarie decreased their price objective 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. One investment 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.38.

Digital Turbine Price Performance

APPS opened at $1.46 on Wednesday. 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 company has a market cap of $151.45 million, a price-to-earnings ratio of -0.49 and a beta of 2.37. The stock has a fifty day simple moving average of $2.50 and a two-hundred day simple moving average of $2.42. Digital Turbine has a 12-month low of $1.18 and a 12-month high of $7.33.

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

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.