Digital Turbine, Inc. (NASDAQ:APPS) Sees Large Increase in Short Interest

Digital Turbine, Inc. (NASDAQ:APPS) was the target of a large growth in short interest in November. As of November 30th, there was short interest totalling 6,020,000 shares, a growth of 9.9% from the November 15th total of 5,480,000 shares. Based on an average daily trading volume, of 3,440,000 shares, the short-interest ratio is presently 1.8 days. Currently, 6.6% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

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

Insider Activity

In other Digital Turbine news, Director Robert M. Deutschman purchased 100,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were acquired at an average price of $1.41 per share, for a total transaction of $141,000.00. Following the completion of the purchase, the director now owns 571,216 shares of the company’s stock, valued at approximately $805,414.56. The trade was a 21.22 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have bought 127,000 shares of company stock worth $175,610. Corporate insiders own 5.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in Digital Turbine by 104.1% during the 3rd 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 during the last quarter. Ballentine Partners LLC acquired a new stake in shares of Digital Turbine in the 3rd quarter worth $43,000. Creative Planning acquired a new position in Digital Turbine during the 3rd quarter worth approximately $57,000. US Bancorp DE raised its position in Digital Turbine by 37.7% in the third quarter. US Bancorp DE now owns 26,561 shares of the software maker’s stock worth $82,000 after acquiring an additional 7,266 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Digital Turbine in the third quarter valued at about $84,000. 63.66% of the stock is currently owned by institutional investors and hedge funds.

Digital Turbine Stock Performance

NASDAQ APPS opened at $1.43 on Monday. The firm has a market capitalization of $148.33 million, a P/E ratio of -0.48 and a beta of 2.37. Digital Turbine has a fifty-two week low of $1.18 and a fifty-two week high of $7.33. The stock has a 50-day simple moving average of $2.28 and a two-hundred day simple moving average of $2.37. 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 (NASDAQ:APPS) last announced its earnings results on Wednesday, November 6th. The software maker reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The firm had revenue of $118.70 million for the quarter, compared to analyst estimates of $125.85 million. Digital Turbine had a negative net margin of 61.17% and a positive return on equity of 3.32%. Digital Turbine’s revenue was down 17.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.04 EPS. On average, equities analysts forecast that Digital Turbine will post -0.13 earnings per share for the current 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.