Point72 Asia Singapore Pte. Ltd. Lowers Position in Digital Turbine, Inc. (NASDAQ:APPS)

Point72 Asia Singapore Pte. Ltd. decreased its position in Digital Turbine, Inc. (NASDAQ:APPS) by 26.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,062 shares of the software maker’s stock after selling 25,832 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Digital Turbine were worth $218,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in APPS. Blue Trust Inc. boosted its holdings in Digital Turbine by 104.1% during the third quarter. Blue Trust Inc. now owns 8,169 shares of the software maker’s stock worth $25,000 after buying an additional 4,167 shares in the last quarter. Ballentine Partners LLC purchased a new stake in shares of Digital Turbine in the third quarter valued at about $43,000. SG Americas Securities LLC purchased a new stake in shares of Digital Turbine in the second quarter valued at about $46,000. Creative Planning purchased a new stake in shares of Digital Turbine in the third quarter valued at about $57,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Digital Turbine by 9.9% in the second quarter. The Manufacturers Life Insurance Company now owns 41,135 shares of the software maker’s stock valued at $68,000 after purchasing an additional 3,695 shares in the last quarter. Hedge funds and other institutional investors own 63.66% of the company’s stock.

Digital Turbine Price Performance

Shares of APPS stock opened at $1.48 on Thursday. The company has a market capitalization of $153.51 million, a PE ratio of -0.50 and a beta of 2.37. The firm has a fifty day simple moving average of $2.48 and a 200-day simple moving average of $2.41. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.24. Digital Turbine, Inc. has a twelve month low of $1.18 and a twelve month high of $7.33.

Digital Turbine (NASDAQ:APPS) last announced its earnings results on Wednesday, November 6th. The software maker reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). Digital Turbine had a negative net margin of 61.17% and a positive return on equity of 3.32%. The firm had revenue of $118.70 million during the quarter, compared to analysts’ expectations of $125.85 million. During the same quarter last year, the company posted $0.04 earnings per share. Digital Turbine’s revenue for the quarter was down 17.1% compared to the same quarter last year. Equities research analysts anticipate that Digital Turbine, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Digital Turbine

In other Digital Turbine news, Director Robert M. Deutschman bought 100,000 shares of the company’s stock in a transaction 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 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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have purchased 127,000 shares of company stock worth $175,610 in the last ninety days. 5.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on APPS shares. Bank of America downgraded shares of Digital Turbine from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $3.50 to $1.00 in a report on Friday, November 15th. Craig Hallum cut their price objective 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. Finally, Macquarie cut their price objective on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company 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 issued a buy rating to the company’s stock. According to MarketBeat.com, Digital Turbine currently has a consensus rating of “Hold” and a consensus target price 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.