Digital Turbine (NASDAQ:APPS) Reaches New 12-Month High Following Earnings Beat

Shares of Digital Turbine, Inc. (NASDAQ:APPS) reached a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $8.10 and last traded at $8.0110, with a volume of 10432673 shares. The stock had previously closed at $5.92.

The software maker reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.09. The company had revenue of $140.38 million for the quarter, compared to analyst estimates of $142.00 million. Digital Turbine had a positive return on equity of 12.12% and a negative net margin of 14.59%.

Analysts Set New Price Targets

APPS has been the topic of a number of research reports. Wall Street Zen lowered shares of Digital Turbine from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Craig Hallum reiterated a “buy” rating and issued a $10.00 price objective on shares of Digital Turbine in a research note on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Digital Turbine in a research report on Wednesday, October 8th. Finally, Bank of America raised Digital Turbine from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $4.50 to $5.50 in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Digital Turbine currently has a consensus rating of “Hold” and an average target price of $7.75.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue purchased a new stake in shares of Digital Turbine during the third quarter worth approximately $31,000. Strs Ohio purchased a new position in Digital Turbine during the 1st quarter worth $41,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Digital Turbine in the 1st quarter worth $45,000. Thompson Davis & CO. Inc. acquired a new stake in shares of Digital Turbine in the 1st quarter worth $47,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Digital Turbine in the first quarter valued at about $51,000. 63.66% of the stock is owned by hedge funds and other institutional investors.

Digital Turbine Trading Down 4.3%

The firm has a market capitalization of $671.78 million, a price-to-earnings ratio of -8.21, a price-to-earnings-growth ratio of 4.66 and a beta of 2.55. The business’s 50 day moving average price is $5.83 and its 200-day moving average price is $5.12. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.10 and a quick ratio of 1.09.

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.