Digital Turbine (NASDAQ:APPS) Stock Passes Above Fifty Day Moving Average – Here’s What Happened

Digital Turbine, Inc. (NASDAQ:APPS)’s stock price passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $1.71 and traded as high as $1.84. Digital Turbine shares last traded at $1.81, with a volume of 2,423,913 shares traded.

Analysts Set New Price Targets

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

Digital Turbine Stock Down 2.2 %

The company’s 50-day moving average price is $1.68 and its 200 day moving average price is $2.40. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market cap of $187.74 million, a PE ratio of -0.61 and a beta of 2.34.

Digital Turbine (NASDAQ:APPS) last announced its 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 prior year, the company posted $0.04 earnings per share. The firm’s quarterly revenue was down 17.1% on a year-over-year basis. As a group, analysts forecast that Digital Turbine, Inc. will post -0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robert M. Deutschman acquired 100,000 shares of Digital Turbine stock in a transaction on Monday, November 11th. The shares were acquired at an average price of $1.41 per share, with a total value of $141,000.00. Following the purchase, the director now directly owns 571,216 shares in the company, valued at $805,414.56. The trade was a 21.22 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders acquired 127,000 shares of company stock worth $175,610. Corporate insiders own 5.80% of the company’s stock.

Institutional Investors Weigh In On Digital Turbine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its stake in shares of Digital Turbine by 104.1% during 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 during the last quarter. Ballentine Partners LLC bought a new stake in shares of Digital Turbine during the third quarter worth $43,000. Creative Planning bought a new stake in shares of Digital Turbine during the third quarter worth $57,000. The Manufacturers Life Insurance Company boosted its stake 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 valued at $68,000 after purchasing an additional 3,695 shares during the period. Finally, Point72 DIFC Ltd grew its holdings in shares of Digital Turbine by 18.4% in the second quarter. Point72 DIFC Ltd now owns 44,603 shares of the software maker’s stock worth $74,000 after purchasing an additional 6,936 shares during the last quarter. 63.66% of the stock is currently owned by hedge funds and other institutional investors.

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.