Digital Turbine (NASDAQ:APPS) Stock Price Up 7.6% – Here’s What Happened

Shares of Digital Turbine, Inc. (NASDAQ:APPS) shot up 7.6% during trading on Thursday. The stock traded as high as $10.30 and last traded at $10.2470. 997,404 shares changed hands during trading, a decline of 74% from the average session volume of 3,859,653 shares. The stock had previously closed at $9.52.

Wall Street Analyst Weigh In

A number of brokerages recently commented on APPS. Royal Bank Of Canada assumed coverage on shares of Digital Turbine in a research note on Thursday, October 1st. They issued an “outperform” rating and a $15.00 price target on the stock. Wall Street Zen upgraded Digital Turbine from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 29th. Benchmark lifted their target price on Digital Turbine from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Digital Turbine in a research report on Wednesday, September 2nd. Finally, Roth Capital initiated coverage on shares of Digital Turbine in a research note on Thursday. They issued a “buy” rating and a $19.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.10.

Digital Turbine Trading Up 8.3%

The firm’s 50-day simple moving average is $11.37 and its 200 day simple moving average is $8.53. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -39.57, a P/E/G ratio of 0.44 and a beta of 3.02.

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

Institutional Trading of Digital Turbine

Hedge funds have recently made changes to their positions in the company. Granahan Investment Management LLC raised its stake in shares of Digital Turbine by 11.1% during the fourth quarter. Granahan Investment Management LLC now owns 6,349,463 shares of the software maker’s stock valued at $31,747,000 after acquiring an additional 635,526 shares during the last quarter. AIGH Capital Management LLC bought a new stake in Digital Turbine during the first quarter valued at $14,100,000. Bank of America Corp DE boosted its position in shares of Digital Turbine by 17.4% during the 1st quarter. Bank of America Corp DE now owns 3,619,171 shares of the software maker’s stock valued at $10,423,000 after purchasing an additional 535,169 shares in the last quarter. Manatuck Hill Partners LLC grew its stake in Digital Turbine by 233.3% during the fourth quarter. Manatuck Hill Partners LLC now owns 2,000,000 shares of the software maker’s stock worth $10,000,000 after purchasing an additional 1,400,000 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in 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 period. 63.66% of the stock is owned by institutional investors and hedge funds.

About Digital Turbine

Digital Turbine, Inc is a mobile advertising and application-growth company that helps advertisers, app developers, wireless carriers and device manufacturers connect with mobile users. Its platform supports the distribution, promotion and monetization of applications across smartphones and other connected devices.

The company’s products and services include on-device app discovery and recommendation tools, app-install solutions, mobile advertising formats, audience-targeting capabilities and programmatic advertising technology.