Digital Turbine, Inc. (NASDAQ:APPS) Sees Significant Drop in Short Interest

Digital Turbine, Inc. (NASDAQ:APPS) was the target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 3,830,000 shares, a decline of 26.5% from the August 15th total of 5,210,000 shares. Based on an average daily trading volume, of 3,940,000 shares, the short-interest ratio is currently 1.0 days. Currently, 4.2% of the company’s stock are short sold.

Analyst Ratings Changes

A number of brokerages have recently commented on APPS. Roth Mkm decreased their price objective on shares of Digital Turbine from $3.00 to $2.50 and set a “neutral” rating for the company in a research report on Wednesday, May 29th. Craig Hallum cut their target price on shares of Digital Turbine from $10.00 to $5.00 and set a “buy” rating for the company in a research note on Wednesday, May 29th.

Digital Turbine Stock Performance

Shares of APPS stock traded down $0.03 during trading on Monday, reaching $2.91. 1,818,151 shares of the company’s stock were exchanged, compared to its average volume of 2,967,467. The firm’s fifty day moving average price is $2.75 and its 200-day moving average price is $2.36. Digital Turbine has a twelve month low of $1.39 and a twelve month high of $7.32. The stock has a market capitalization of $299.09 million, a PE ratio of -0.71 and a beta of 2.60. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 2.01.

Digital Turbine (NASDAQ:APPS) last released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.07 EPS for the quarter, beating the consensus estimate of $0.01 by $0.06. The firm had revenue of $117.99 million for the quarter, compared to the consensus estimate of $115.23 million. Digital Turbine had a negative net margin of 84.71% and a positive return on equity of 5.37%. The company’s quarterly revenue was down 19.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.08 earnings per share.

Institutional Investors Weigh In On Digital Turbine

Several hedge funds have recently bought and sold shares of APPS. Victory Capital Management Inc. boosted its stake in Digital Turbine by 25.8% in the 4th quarter. Victory Capital Management Inc. now owns 19,530 shares of the software maker’s stock valued at $134,000 after purchasing an additional 4,003 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Digital Turbine by 8.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 780,252 shares of the software maker’s stock valued at $5,353,000 after acquiring an additional 60,539 shares during the period. Jump Financial LLC grew its stake in shares of Digital Turbine by 119.1% in the fourth quarter. Jump Financial LLC now owns 47,936 shares of the software maker’s stock valued at $329,000 after acquiring an additional 26,055 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Digital Turbine in the fourth quarter valued at about $988,000. Finally, Trexquant Investment LP bought a new position in Digital Turbine during the fourth quarter worth about $1,042,000. 63.66% of the stock is currently owned by institutional investors and hedge funds.

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.