Short Interest in Digital Turbine, Inc. (NASDAQ:APPS) Declines By 17.0%

Digital Turbine, Inc. (NASDAQ:APPS) was the recipient of a large decrease in short interest in January. As of January 15th, there was short interest totalling 4,980,000 shares, a decrease of 17.0% from the December 31st total of 6,000,000 shares. Based on an average daily trading volume, of 3,820,000 shares, the days-to-cover ratio is currently 1.3 days. Approximately 5.5% of the shares of the company are sold short.

Insider Buying and Selling at Digital Turbine

In other news, Director Robert M. Deutschman bought 100,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was bought at an average cost of $1.41 per share, for a total transaction of $141,000.00. Following the transaction, the director now owns 571,216 shares of the company’s stock, valued at $805,414.56. This represents a 21.22 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 127,000 shares of company stock valued at $175,610 in the last ninety days. 5.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in APPS. Acuitas Investments LLC purchased a new position in Digital Turbine in the 4th quarter valued at approximately $140,000. Gagnon Securities LLC lifted its holdings in Digital Turbine by 99.1% during the 4th quarter. Gagnon Securities LLC now owns 104,123 shares of the software maker’s stock worth $176,000 after purchasing an additional 51,814 shares in the last quarter. Baader Bank Aktiengesellschaft lifted its holdings in Digital Turbine by 22.1% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 532,325 shares of the software maker’s stock worth $899,000 after purchasing an additional 96,393 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Digital Turbine by 719.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 387,834 shares of the software maker’s stock valued at $1,191,000 after buying an additional 340,512 shares in the last quarter. Finally, Franklin Resources Inc. purchased a new position in Digital Turbine during the 3rd quarter valued at about $185,000. Institutional investors own 63.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on APPS shares. Macquarie dropped their target price on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Bank of America downgraded shares of Digital Turbine from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $3.50 to $1.00 in a research report on Friday, November 15th. Finally, Craig Hallum decreased their target price on Digital Turbine from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Digital Turbine presently has a consensus rating of “Hold” and an average target price of $2.38.

Digital Turbine Stock Up 4.4 %

APPS traded up $0.11 during trading on Friday, hitting $2.62. 3,359,614 shares of the company’s stock were exchanged, compared to its average volume of 2,682,844. The stock has a market cap of $271.77 million, a P/E ratio of -0.89 and a beta of 2.34. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.24. Digital Turbine has a fifty-two week low of $1.18 and a fifty-two week high of $5.79. The business’s 50 day moving average is $1.81 and its two-hundred day moving average is $2.44.

Digital Turbine (NASDAQ:APPS) last issued its quarterly earnings results on Wednesday, November 6th. The software maker reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Digital Turbine had a negative net margin of 61.17% and a positive return on equity of 3.32%. The business had revenue of $118.70 million for the quarter, compared to analysts’ expectations of $125.85 million. During the same period in the previous year, the business posted $0.04 earnings per share. The business’s revenue was down 17.1% compared to the same quarter last year. As a group, equities analysts expect that Digital Turbine will post -0.13 earnings per share for the current fiscal year.

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.