Digital Turbine (NASDAQ:APPS) Shares Up 6.5% – Here’s Why

Digital Turbine, Inc. (NASDAQ:APPS)’s stock price shot up 6.5% during trading on Monday . The company traded as high as $11.35 and last traded at $11.3490. 468,750 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 3,943,797 shares. The stock had previously closed at $10.66.

Analysts Set New Price Targets

A number of brokerages recently issued reports on APPS. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Digital Turbine in a report on Wednesday, September 2nd. Wall Street Zen upgraded shares of Digital Turbine from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 29th. Benchmark upped their target price on shares of Digital Turbine from $15.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Roth Capital reaffirmed a “buy” rating and issued a $17.50 target price on shares of Digital Turbine in a research report on Thursday, August 6th. Finally, Zacks Research lowered shares of Digital Turbine from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.75.

Digital Turbine Stock Performance

The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.80. The stock has a fifty day moving average price of $10.64 and a 200-day moving average price of $7.58. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -45.10, a price-to-earnings-growth ratio of 0.45 and a beta of 2.87.

Digital Turbine (NASDAQ:APPS) last announced its quarterly earnings data on Tuesday, August 4th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.05. The company had revenue of $165.98 million for the quarter, compared to analysts’ expectations of $149.98 million. Digital Turbine had a negative net margin of 4.46% and a positive return on equity of 38.34%. On average, analysts expect that Digital Turbine, Inc. will post 0.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Digital Turbine

A number of large investors have recently modified their holdings of the business. AIGH Capital Management LLC purchased a new position in shares of Digital Turbine during the 1st quarter worth about $14,100,000. Manatuck Hill Partners LLC grew its holdings in Digital Turbine by 233.3% in the fourth quarter. Manatuck Hill Partners LLC now owns 2,000,000 shares of the software maker’s stock valued at $10,000,000 after purchasing an additional 1,400,000 shares during the period. Dimensional Fund Advisors LP increased its position in Digital Turbine by 56.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,353,594 shares of the software maker’s stock worth $6,778,000 after purchasing an additional 846,116 shares during the last quarter. Granahan Investment Management LLC raised its stake in Digital Turbine by 12.0% during the first quarter. Granahan Investment Management LLC now owns 7,112,351 shares of the software maker’s stock worth $20,484,000 after purchasing an additional 762,888 shares during the period. Finally, UBS Group AG boosted its holdings in shares of Digital Turbine by 444.0% in the 4th quarter. UBS Group AG now owns 779,585 shares of the software maker’s stock valued at $3,898,000 after purchasing an additional 636,267 shares during the last quarter. 63.66% of the stock is owned by hedge funds and other institutional investors.

About Digital Turbine

Digital Turbine, Inc is a mobile advertising and application growth company that provides technology for advertisers, mobile operators, device manufacturers and app publishers. Its platform helps businesses promote, distribute and monetize mobile applications and digital content across smartphones and other connected devices.

The company’s offerings include on-device app discovery and recommendation tools, advertising inventory and exchange services, and technologies that support app installation and user engagement.