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

Digital Turbine, Inc. (NASDAQ:APPS) saw a large drop in short interest in January. As of January 15th, there was short interest totalling 4,980,000 shares, a drop of 17.0% from the December 31st total of 6,000,000 shares. Approximately 5.5% of the company’s shares are sold short. Based on an average daily trading volume, of 3,820,000 shares, the days-to-cover ratio is currently 1.3 days.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on APPS. Craig Hallum lowered their target price on Digital Turbine from $5.00 to $4.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Bank of America downgraded Digital Turbine from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $3.50 to $1.00 in a research report on Friday, November 15th. Finally, Macquarie dropped 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 investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $2.38.

Insider Activity 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, for a total transaction of $141,000.00. Following the acquisition, the director now directly owns 571,216 shares in the company, valued at approximately $805,414.56. The trade was a 21.22 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders purchased 127,000 shares of company stock worth $175,610 in the last 90 days. 5.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Digital Turbine

A number of hedge funds have recently made changes to their positions in APPS. AQR Capital Management LLC lifted its holdings in Digital Turbine by 97.1% in the 2nd quarter. AQR Capital Management LLC now owns 1,533,969 shares of the software maker’s stock valued at $2,546,000 after purchasing an additional 755,707 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Digital Turbine by 719.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 387,834 shares of the software maker’s stock valued at $1,191,000 after acquiring an additional 340,512 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Digital Turbine by 8.4% in the third quarter. Geode Capital Management LLC now owns 2,334,648 shares of the software maker’s stock valued at $7,169,000 after purchasing an additional 181,032 shares during the period. Lindbrook Capital LLC acquired a new position in Digital Turbine in the 3rd quarter valued at about $405,000. Finally, Barclays PLC grew its stake in shares of Digital Turbine by 62.5% in the 3rd quarter. Barclays PLC now owns 252,673 shares of the software maker’s stock valued at $776,000 after buying an additional 97,196 shares during the period. Institutional investors and hedge funds own 63.66% of the company’s stock.

Digital Turbine Stock Performance

Shares of Digital Turbine stock traded up $0.10 on Thursday, reaching $2.55. 360,848 shares of the stock were exchanged, compared to its average volume of 2,835,983. Digital Turbine has a twelve month low of $1.18 and a twelve month high of $5.79. The business has a 50 day moving average price of $1.76 and a two-hundred day moving average price of $2.43. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.24. The firm has a market capitalization of $263.99 million, a price-to-earnings ratio of -0.87 and a beta of 2.34.

Digital Turbine (NASDAQ:APPS) last released 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 company had revenue of $118.70 million for the quarter, compared to analysts’ expectations of $125.85 million. Digital Turbine had a positive return on equity of 3.32% and a negative net margin of 61.17%. The firm’s revenue for the quarter was down 17.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 EPS. Analysts anticipate that Digital Turbine will post -0.13 earnings per share for the current fiscal 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.