Digital Turbine (NASDAQ:APPS) Downgraded by Bank of America

Bank of America lowered shares of Digital Turbine (NASDAQ:APPS) from a buy rating to a neutral rating in a research report released on Thursday morning, Marketbeat Ratings reports. They currently have $8.00 target price on the software maker’s stock, down from their prior target price of $12.00.

A number of other equities analysts also recently weighed in on APPS. TheStreet downgraded shares of Digital Turbine from a c rating to a d+ rating in a report on Wednesday, August 9th. Craig Hallum decreased their price objective on shares of Digital Turbine from $25.00 to $20.00 in a research report on Thursday, May 25th. Roth Capital cut shares of Digital Turbine from a buy rating to a neutral rating in a research report on Thursday, May 25th. Roth Mkm cut shares of Digital Turbine from a buy rating to a neutral rating and decreased their price objective for the stock from $15.00 to $10.00 in a research report on Thursday, May 25th. Finally, StockNews.com started coverage on Digital Turbine in a research note on Thursday, August 17th. They issued a sell rating for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $14.00.

Digital Turbine Price Performance

APPS opened at $6.89 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.22 and a quick ratio of 1.22. The company has a market capitalization of $692.58 million, a price-to-earnings ratio of -98.41, a P/E/G ratio of 1.72 and a beta of 2.49. The firm’s fifty day moving average price is $9.39 and its two-hundred day moving average price is $10.35. Digital Turbine has a 1 year low of $6.41 and a 1 year high of $20.40.

Digital Turbine (NASDAQ:APPS) last posted its quarterly earnings data on Tuesday, August 8th. The software maker reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $146.37 million for the quarter, compared to the consensus estimate of $143.06 million. Digital Turbine had a negative net margin of 1.03% and a positive return on equity of 10.47%. As a group, analysts anticipate that Digital Turbine will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO William Gordon Stone III sold 95,000 shares of the stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $6.73, for a total transaction of $639,350.00. Following the completion of the sale, the chief executive officer now owns 1,589,654 shares of the company’s stock, valued at $10,698,371.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Digital Turbine news, Director Robert M. Deutschman purchased 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was bought at an average price of $6.44 per share, with a total value of $128,800.00. Following the completion of the purchase, the director now directly owns 350,055 shares of the company’s stock, valued at approximately $2,254,354.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William Gordon Stone III sold 95,000 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $6.73, for a total value of $639,350.00. Following the completion of the sale, the chief executive officer now directly owns 1,589,654 shares of the company’s stock, valued at approximately $10,698,371.42. The disclosure for this sale can be found here. Insiders own 5.20% of the company’s stock.

Institutional Trading of Digital Turbine

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new stake in Digital Turbine in the first quarter worth $58,000. Canada Pension Plan Investment Board purchased a new stake in Digital Turbine in the first quarter worth $73,000. Lazard Asset Management LLC bought a new position in Digital Turbine in the fourth quarter worth $31,000. Parkside Financial Bank & Trust raised its holdings in Digital Turbine by 102.7% in the first quarter. Parkside Financial Bank & Trust now owns 2,213 shares of the software maker’s stock worth $27,000 after purchasing an additional 1,121 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Digital Turbine by 90.9% in the second quarter. PNC Financial Services Group Inc. now owns 3,644 shares of the software maker’s stock worth $34,000 after purchasing an additional 1,735 shares in the last quarter. Hedge funds and other institutional investors own 64.64% of the company’s stock.

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.