Digital Turbine (NASDAQ:APPS) Sets New 1-Year High – Here’s Why

Digital Turbine, Inc. (NASDAQ:APPS) reached a new 52-week high during mid-day trading on Saturday . The stock traded as high as $5.20 and last traded at $4.90, with a volume of 25409632 shares. The stock had previously closed at $4.99.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Craig Hallum reduced their price target on Digital Turbine from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Bank of America cut 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 research note on Friday, November 15th. Finally, Macquarie dropped their price target on Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. One research 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.38.

Digital Turbine Price Performance

The stock has a market cap of $508.28 million, a PE ratio of -1.66 and a beta of 2.38. The business has a fifty day simple moving average of $1.94 and a two-hundred day simple moving average of $2.46. 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 (NASDAQ:APPS) last issued its quarterly earnings results on Wednesday, February 5th. The software maker reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.08). Digital Turbine had a positive return on equity of 3.32% and a negative net margin of 61.17%. Research analysts forecast that Digital Turbine, Inc. will post -0.13 earnings per share for the current year.

Insider Activity at Digital Turbine

In related news, Director Robert M. Deutschman purchased 100,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were bought at an average price of $1.41 per share, for a total transaction of $141,000.00. Following the purchase, the director now directly owns 571,216 shares of the company’s stock, valued at approximately $805,414.56. This represents a 21.22 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders acquired a total of 127,000 shares of company stock valued at $175,610 in the last three months. Company insiders own 5.80% of the company’s stock.

Hedge Funds Weigh In On Digital Turbine

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its position in Digital Turbine by 8.4% during the 3rd 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 last quarter. Rice Hall James & Associates LLC grew its holdings in shares of Digital Turbine by 4.1% during the third quarter. Rice Hall James & Associates LLC now owns 1,970,928 shares of the software maker’s stock valued at $6,051,000 after buying an additional 77,185 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Digital Turbine by 14.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 886,508 shares of the software maker’s stock valued at $1,498,000 after acquiring an additional 110,427 shares in the last quarter. Baader Bank Aktiengesellschaft raised its holdings in Digital Turbine by 22.1% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 532,325 shares of the software maker’s stock worth $899,000 after acquiring an additional 96,393 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Digital Turbine by 719.6% in 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 in the last quarter. 63.66% of the stock is currently owned by institutional investors.

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.