Digital Turbine (NASDAQ:APPS) Sets New 12-Month High Following Strong Earnings

Digital Turbine, Inc. (NASDAQ:APPS) hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $8.10 and last traded at $8.0110, with a volume of 10432673 shares. The stock had previously closed at $5.92.

The software maker reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.09. The firm had revenue of $140.38 million for the quarter, compared to analysts’ expectations of $142.00 million. Digital Turbine had a negative net margin of 14.59% and a positive return on equity of 12.12%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on APPS. Weiss Ratings reiterated a “sell (d-)” rating on shares of Digital Turbine in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of Digital Turbine from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Bank of America upgraded Digital Turbine from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $4.50 to $5.50 in a report on Wednesday, August 6th. Finally, Craig Hallum reissued a “buy” rating and set a $10.00 target price on shares of Digital Turbine in a report on Wednesday. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.75.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in APPS. Harbor Capital Advisors Inc. acquired a new position in shares of Digital Turbine during the 2nd quarter valued at about $12,031,000. Arrowstreet Capital Limited Partnership increased its position in Digital Turbine by 179.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 3,163,124 shares of the software maker’s stock worth $18,662,000 after purchasing an additional 2,033,216 shares during the last quarter. AIGH Capital Management LLC acquired a new stake in Digital Turbine during the third quarter worth about $9,748,000. G2 Investment Partners Management LLC purchased a new position in Digital Turbine during the second quarter worth about $8,341,000. Finally, Segall Bryant & Hamill LLC acquired a new position in Digital Turbine in the 1st quarter valued at about $2,710,000. 63.66% of the stock is currently owned by institutional investors and hedge funds.

Digital Turbine Stock Down 4.3%

The firm’s fifty day simple moving average is $5.80 and its two-hundred day simple moving average is $5.10. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.66. The company has a market capitalization of $671.78 million, a price-to-earnings ratio of -8.21, a price-to-earnings-growth ratio of 4.66 and a beta of 2.55.

Digital Turbine Company Profile

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.