Digital Turbine, Inc. (NASDAQ:APPS) Short Interest Down 15.6% in August

Digital Turbine, Inc. (NASDAQ:APPS) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 4,810,000 shares, a decline of 15.6% from the August 15th total of 5,700,000 shares. Approximately 5.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,730,000 shares, the short-interest ratio is presently 2.8 days.

Insider Buying and Selling

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

A number of institutional investors and hedge funds have recently bought and sold shares of APPS. Parkside Financial Bank & Trust increased its position in Digital Turbine by 102.7% during the 1st 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. Lazard Asset Management LLC acquired a new stake in Digital Turbine during the 4th quarter worth approximately $31,000. PNC Financial Services Group Inc. increased its position in Digital Turbine by 90.9% during the 2nd 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. Quadrant Capital Group LLC boosted its holdings in Digital Turbine by 340.0% in the 4th quarter. Quadrant Capital Group LLC now owns 3,806 shares of the software maker’s stock worth $58,000 after acquiring an additional 2,941 shares during the period. Finally, Quantbot Technologies LP purchased a new position in Digital Turbine in the 1st quarter worth approximately $58,000. Institutional investors and hedge funds own 64.64% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on APPS. StockNews.com began coverage on shares of Digital Turbine in a research note on Thursday, August 17th. They issued a “sell” rating for the company. Bank of America downgraded shares of Digital Turbine from a “buy” rating to a “neutral” rating and cut their target price for the company from $12.00 to $8.00 in a research note on Thursday, September 14th. TheStreet downgraded shares of Digital Turbine from a “c” rating to a “d+” rating in a research note on Wednesday, August 9th. Roth Capital downgraded shares of Digital Turbine from a “buy” rating to a “neutral” rating in a research note on Thursday, May 25th. Finally, Roth Mkm downgraded shares of Digital Turbine from a “buy” rating to a “neutral” rating and cut their target price for the company from $15.00 to $10.00 in a research note on Thursday, May 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.00.

Digital Turbine Trading Up 0.9 %

Shares of NASDAQ APPS traded up $0.06 on Tuesday, reaching $6.72. 321,813 shares of the company traded hands, compared to its average volume of 2,137,341. Digital Turbine has a fifty-two week low of $6.41 and a fifty-two week high of $20.40. The company has a 50 day moving average of $9.34 and a 200 day moving average of $10.32. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.68.

Digital Turbine (NASDAQ:APPS) last posted its earnings results 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 during 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%. On average, sell-side analysts expect that Digital Turbine will post 0.32 earnings per share for the current fiscal year.

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.