Short Interest in Digital Turbine, Inc. (NASDAQ:APPS) Drops By 17.0%

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Craig Hallum cut their target price on Digital Turbine from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Bank of America lowered shares of Digital Turbine from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $3.50 to $1.00 in a report on Friday, November 15th. Finally, Macquarie decreased their target price on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Digital Turbine presently has an average rating of “Hold” and an average target price of $2.38.

Digital Turbine Stock Up 1.5 %

Shares of Digital Turbine stock opened at $2.00 on Friday. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.09 and a current ratio of 1.09. Digital Turbine has a 52-week low of $1.18 and a 52-week high of $6.03. The company’s 50 day moving average price is $1.61 and its 200-day moving average price is $2.40. The stock has a market capitalization of $207.46 million, a price-to-earnings ratio of -0.68 and a beta of 2.34.

Digital Turbine (NASDAQ:APPS) last announced 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 firm had revenue of $118.70 million during the quarter, compared to the consensus estimate 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 was down 17.1% on a year-over-year basis. During the same period last year, the business earned $0.04 EPS. Equities research analysts forecast that Digital Turbine will post -0.13 EPS for the current year.

Insider Transactions at Digital Turbine

In other news, Director Robert M. Deutschman acquired 100,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was purchased at an average cost of $1.41 per share, for a total transaction of $141,000.00. Following the acquisition, the director now 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 legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have purchased 127,000 shares of company stock valued at $175,610 in the last quarter. Insiders own 5.80% of the company’s stock.

Institutional Investors Weigh In On Digital Turbine

Institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. increased its stake in shares of Digital Turbine by 104.1% during the third quarter. Blue Trust Inc. now owns 8,169 shares of the software maker’s stock valued at $25,000 after buying an additional 4,167 shares during the period. Ballentine Partners LLC purchased a new position in Digital Turbine during the 3rd quarter valued at $43,000. Creative Planning bought a new position in Digital Turbine in the 3rd quarter worth $57,000. The Manufacturers Life Insurance Company lifted its position in shares of Digital Turbine by 9.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 41,135 shares of the software maker’s stock worth $68,000 after purchasing an additional 3,695 shares during the period. Finally, Point72 DIFC Ltd boosted its stake in shares of Digital Turbine by 18.4% during the 2nd quarter. Point72 DIFC Ltd now owns 44,603 shares of the software maker’s stock valued at $74,000 after purchasing an additional 6,936 shares in the last quarter. Hedge funds and other institutional investors 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.