Digital Turbine, Inc. (NASDAQ:APPS) Short Interest Update

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

Insiders Place Their Bets

In other news, Director Robert M. Deutschman bought 100,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were bought at an average cost of $1.41 per share, for a total transaction of $141,000.00. Following the completion of the transaction, the director now owns 571,216 shares of the company’s stock, valued at approximately $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 SEC, which is available through the SEC website. Insiders have purchased a total of 127,000 shares of company stock worth $175,610 in the last 90 days. 5.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Digital Turbine

Several institutional investors have recently added to or reduced their stakes in APPS. Blue Trust Inc. raised its holdings in shares of Digital Turbine by 104.1% in the third quarter. Blue Trust Inc. now owns 8,169 shares of the software maker’s stock worth $25,000 after buying an additional 4,167 shares during the period. Ballentine Partners LLC bought a new position in Digital Turbine in the 3rd quarter valued at $43,000. SG Americas Securities LLC bought a new position in Digital Turbine in the 2nd quarter valued at $46,000. Creative Planning purchased a new stake in Digital Turbine in the third quarter worth $57,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Digital Turbine by 9.9% during the second quarter. The Manufacturers Life Insurance Company now owns 41,135 shares of the software maker’s stock worth $68,000 after purchasing an additional 3,695 shares during the last quarter. Institutional investors own 63.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on APPS. Macquarie lowered their target price on Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Bank of America lowered shares of Digital Turbine from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $3.50 to $1.00 in a research report on Friday, November 15th. Finally, Craig Hallum reduced their target price 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 given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Digital Turbine currently has an average rating of “Hold” and a consensus target price of $2.38.

Digital Turbine Stock Up 1.4 %

Shares of APPS opened at $1.45 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.24. The business has a fifty day moving average of $2.25 and a 200 day moving average of $2.37. The company has a market cap of $150.40 million, a PE ratio of -0.49 and a beta of 2.37. Digital Turbine has a 52-week low of $1.18 and a 52-week high of $7.33.

Digital Turbine (NASDAQ:APPS) last announced its earnings results on Wednesday, November 6th. The software maker reported $0.05 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $118.70 million during the quarter, compared to analysts’ expectations of $125.85 million. During the same period in the prior year, the company posted $0.04 EPS. The company’s revenue was down 17.1% compared to the same quarter last year. On average, sell-side analysts expect that Digital Turbine will post -0.13 EPS for the current 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.