Digital Turbine (NASDAQ:APPS) Stock Jumps 4.6% – Here’s Why

Digital Turbine, Inc. (NASDAQ:APPS)’s stock price shot up 4.6% during mid-day trading on Friday. The stock traded as high as $7.67 and last traded at $7.6390. Approximately 406,573 shares changed hands during trading, a decline of 90% from the average session volume of 3,888,746 shares. The stock had previously closed at $7.30.

Analyst Upgrades and Downgrades

APPS has been the topic of a number of recent research reports. Northland Securities assumed coverage on Digital Turbine in a research report on Thursday, October 29th. They issued an “outperform” rating and a $17.00 price objective on the stock. Roth Capital began coverage on Digital Turbine in a research note on Thursday, October 15th. They issued a “buy” rating and a $19.00 target price for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Digital Turbine in a research report on Wednesday, September 2nd. Wall Street Zen downgraded Digital Turbine from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 8th. Finally, Benchmark upped their price target on Digital Turbine from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $15.42.

Digital Turbine Trading Up 0.9%

The company has a debt-to-equity ratio of 1.75, a current ratio of 1.25 and a quick ratio of 1.20. The business has a 50 day moving average of $10.43 and a 200 day moving average of $7.71. The firm has a market capitalization of $898.21 million, a price-to-earnings ratio of 12.93, a PEG ratio of 0.40 and a beta of 3.01.

Digital Turbine (NASDAQ:APPS) last released its quarterly earnings data on Monday, November 9th. The software maker reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. Digital Turbine had a return on equity of 41.27% and a net margin of 0.77%. The business had revenue of $178.68 million during the quarter, compared to the consensus estimate of $166.75 million. As a group, research analysts predict that Digital Turbine, Inc. will post 0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Digital Turbine

Several institutional investors have recently modified their holdings of APPS. Dimensional Fund Advisors LP boosted its stake in Digital Turbine by 56.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,353,594 shares of the software maker’s stock worth $6,778,000 after acquiring an additional 846,116 shares during the last quarter. Granahan Investment Management LLC raised its holdings in Digital Turbine by 12.0% in the first quarter. Granahan Investment Management LLC now owns 7,112,351 shares of the software maker’s stock worth $20,484,000 after purchasing an additional 762,888 shares during the period. Bank of America Corp DE raised its holdings in Digital Turbine by 17.4% in the first quarter. Bank of America Corp DE now owns 3,619,171 shares of the software maker’s stock worth $10,423,000 after purchasing an additional 535,169 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in Digital Turbine in the first quarter worth $1,283,000. Finally, Globeflex Capital L P bought a new position in shares of Digital Turbine during the first quarter worth $1,227,000. 63.66% of the stock is currently owned by institutional investors and hedge funds.

Digital Turbine Company Profile

Digital Turbine, Inc. provides mobile technology and advertising solutions that connect app developers and advertisers with consumers through smartphones and other connected devices. Its platform supports app discovery, user acquisition, and advertising across the mobile ecosystem. The company’s services include on-device app recommendations and installation tools, as well as advertising solutions for app publishers and brands. Digital Turbine works with mobile operators and device manufacturers to deliver these services to users.