Digital Turbine (NASDAQ:APPS) Shares Gap Down – Here’s What Happened

Shares of Digital Turbine, Inc. (NASDAQ:APPS) gapped down before the market opened on Friday . The stock had previously closed at $4.99, but opened at $4.64. Digital Turbine shares last traded at $5.05, with a volume of 9,242,582 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Bank of America lowered shares of Digital Turbine from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $3.50 to $1.00 in a research note on Friday, November 15th. Macquarie reduced their target price 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. Finally, Craig Hallum decreased their price objective on shares of Digital Turbine from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $2.38.

Digital Turbine Stock Performance

The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.09 and a current ratio of 1.09. The stock’s 50-day simple moving average is $1.87 and its 200 day simple moving average is $2.44. The company has a market cap of $503.61 million, a PE ratio of -1.65 and a beta of 2.38.

Digital Turbine (NASDAQ:APPS) last announced its quarterly earnings data 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%. As a group, equities analysts anticipate that Digital Turbine, Inc. will post -0.13 EPS for the current year.

Insider Buying and Selling at Digital Turbine

In other news, Director Robert M. Deutschman purchased 100,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were acquired at an average price of $1.41 per share, for a total transaction of $141,000.00. Following the completion of the acquisition, the director now directly owns 571,216 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available at this link. Insiders have purchased 127,000 shares of company stock worth $175,610 in the last ninety days. 5.80% of the stock is owned by insiders.

Institutional Trading of Digital Turbine

Several large investors have recently added to or reduced their stakes in APPS. Blue Trust Inc. boosted its stake in Digital Turbine by 104.1% during the 3rd quarter. Blue Trust Inc. now owns 8,169 shares of the software maker’s stock worth $25,000 after acquiring an additional 4,167 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Digital Turbine during the fourth quarter worth about $28,000. Ballentine Partners LLC bought a new position in shares of Digital Turbine in the third quarter worth about $43,000. Ieq Capital LLC acquired a new stake in Digital Turbine during the 4th quarter worth approximately $55,000. Finally, Creative Planning acquired a new stake in shares of Digital Turbine during the third quarter worth $57,000. 63.66% of the stock is 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.