Digital Turbine (NASDAQ:APPS) Stock Falls 6% – Here’s What Happened

Digital Turbine, Inc. (NASDAQ:APPS) was down 6% during mid-day trading on Thursday. The stock traded as low as $10.52 and last traded at $10.85. Approximately 719,978 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 3,927,320 shares. The stock had previously closed at $11.54.

Analyst Ratings Changes

APPS has been the topic of several research reports. Craig Hallum reaffirmed a “buy” rating and set a $18.00 price objective on shares of Digital Turbine in a report on Wednesday, August 5th. Wall Street Zen raised Digital Turbine from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 29th. Roth Capital reissued a “buy” rating and issued a $17.50 target price on shares of Digital Turbine in a research report on Thursday, August 6th. Zacks Research downgraded Digital Turbine from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Digital Turbine in a research report on Wednesday, September 2nd. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.75.

Digital Turbine Stock Performance

The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 1.80. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -42.73, a PEG ratio of 0.46 and a beta of 2.87. The stock’s 50 day moving average is $10.87 and its two-hundred day moving average is $7.82.

Digital Turbine (NASDAQ:APPS) last posted its quarterly earnings data on Tuesday, August 4th. The software maker reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.05. Digital Turbine had a negative net margin of 4.46% and a positive return on equity of 38.34%. The company had revenue of $165.98 million for the quarter, compared to analyst estimates of $149.98 million. Analysts anticipate that Digital Turbine, Inc. will post 0.75 earnings per share for the current fiscal year.

Institutional Trading of Digital Turbine

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AIGH Capital Management LLC acquired a new stake in Digital Turbine during the 1st quarter worth approximately $14,100,000. Manatuck Hill Partners LLC increased its holdings in shares of Digital Turbine by 233.3% in the fourth quarter. Manatuck Hill Partners LLC now owns 2,000,000 shares of the software maker’s stock valued at $10,000,000 after purchasing an additional 1,400,000 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Digital Turbine by 56.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,353,594 shares of the software maker’s stock worth $6,778,000 after purchasing an additional 846,116 shares during the last quarter. Granahan Investment Management LLC raised its stake in shares of Digital Turbine by 12.0% during the first quarter. Granahan Investment Management LLC now owns 7,112,351 shares of the software maker’s stock worth $20,484,000 after purchasing an additional 762,888 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Digital Turbine by 17.4% during the first quarter. Bank of America Corp DE now owns 3,619,171 shares of the software maker’s stock worth $10,423,000 after purchasing an additional 535,169 shares during the period. 63.66% of the stock is owned by hedge funds and other institutional investors.

About Digital Turbine

Digital Turbine, Inc is a mobile advertising and application growth company that provides technology for advertisers, mobile operators, device manufacturers and app publishers. Its platform helps businesses promote, distribute and monetize mobile applications and digital content across smartphones and other connected devices.

The company’s offerings include on-device app discovery and recommendation tools, advertising inventory and exchange services, and technologies that support app installation and user engagement.