Digital Turbine, Inc. (NASDAQ:APPS) Sees Large Growth in Short Interest

Digital Turbine, Inc. (NASDAQ:APPS) saw a large growth in short interest in November. As of November 30th, there was short interest totalling 6,020,000 shares, a growth of 9.9% from the November 15th total of 5,480,000 shares. Approximately 6.6% of the shares of the company are short sold. Based on an average daily trading volume, of 3,440,000 shares, the days-to-cover ratio is currently 1.8 days.

Insider Buying and Selling

In related news, Director Robert M. Deutschman acquired 100,000 shares of the 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 completion of the transaction, the director now directly owns 571,216 shares in the company, valued at approximately $805,414.56. This trade represents a 21.22 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders acquired 127,000 shares of company stock worth $175,610. 5.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Blue Trust Inc. increased its holdings in Digital Turbine by 104.1% in 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 in the last quarter. Ballentine Partners LLC bought a new position in shares of Digital Turbine in the third quarter worth approximately $43,000. SG Americas Securities LLC purchased a new stake in shares of Digital Turbine in the second quarter worth $46,000. Creative Planning bought a new stake in shares of Digital Turbine during the 3rd quarter valued at $57,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Digital Turbine by 9.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 41,135 shares of the software maker’s stock valued at $68,000 after buying an additional 3,695 shares in the last quarter. 63.66% of the stock is owned by hedge funds and other institutional investors.

Digital Turbine Stock Up 1.4 %

APPS opened at $1.45 on Tuesday. The firm’s 50 day simple moving average is $2.25 and its two-hundred day simple moving average is $2.37. The company has a market capitalization of $150.40 million, a PE ratio of -0.49 and a beta of 2.37. Digital Turbine has a 1-year low of $1.18 and a 1-year high of $7.33. 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 posted its quarterly earnings data on Wednesday, November 6th. The software maker reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The company had revenue of $118.70 million during the quarter, compared to analysts’ expectations of $125.85 million. Digital Turbine had a positive return on equity of 3.32% and a negative net margin of 61.17%. The company’s revenue for the quarter was down 17.1% on a year-over-year basis. During the same quarter last year, the company earned $0.04 earnings per share. As a group, equities analysts forecast that Digital Turbine will post -0.13 EPS for the current year.

Analysts Set New Price Targets

APPS has been the subject of a number of research reports. Macquarie decreased their target price on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Bank of America cut Digital Turbine from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $3.50 to $1.00 in a research report on Friday, November 15th. Finally, Craig Hallum lowered their target price on Digital Turbine from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. One research 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 has an average rating of “Hold” and a consensus target price of $2.38.

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.