August 5, 2022

Digital Turbine, Inc. (NASDAQ:APPS) Sees Strong Short-Term Interest Growth

Digital Turbine, Inc. (NASDAQ: APPS – Get a rating) benefited from a sharp rise in short-term interest rates in June. As of June 30, there was short interest totaling 7,780,000 shares, an increase of 27.3% from the June 15 total of 6,110,000 shares. Currently, 9.3% of the company’s shares are sold short. Based on an average daily trading volume of 3,760,000 shares, the day-to-cover ratio is currently 2.1 days.

Stock of digital turbines up 7.4%

APPS opened at $18.85 on Wednesday. The company has a fifty-day moving average price of $19.86 and a 200-day moving average price of $34.43. The company has a market capitalization of $1.85 billion, a P/E ratio of 55.44, a price-to-earnings growth ratio of 0.42 and a beta of 2.47. The company has a debt ratio of 1.01, a current ratio of 1.07 and a quick ratio of 1.07. Digital Turbine has a 1-year low of $14.43 and a 1-year high of $93.98.

Digital Turbine (NASDAQ:APPS – Get a rating) last released its quarterly results on Tuesday, May 31. The software maker reported EPS of $0.35 for the quarter, beating consensus analyst estimates of $0.34 by $0.01. The company posted revenue of $184.14 million in the quarter, versus analyst estimates of $336.45 million. Digital Turbine achieved a net margin of 3.28% and a return on equity of 30.00%. The company’s revenue for the quarter increased 93.7% year over year. During the same period of the previous year, the company achieved EPS of $0.24. Equity research analysts expect Digital Turbine to post earnings per share of 1.53 for the current fiscal year.

Digital Turbine Institutional Trading

A number of hedge funds have recently changed their positions in the stock. Rice Hall James & Associates LLC purchased a new stake in Digital Turbine in the first quarter valued at $21,530,000. Capital Research Global Investors increased its stake in Digital Turbine by 110.9% in the fourth quarter. Capital Research Global Investors now owns 885,751 shares of the software maker worth $54,022,000 after buying an additional 465,751 shares in the last quarter. BlackRock Inc. increased its stake in Digital Turbine by 4.5% in the first quarter. BlackRock Inc. now owns 10,426,749 shares of the software maker worth $456,794,000 after buying an additional 453,301 shares in the last quarter. Portolan Capital Management LLC increased its stake in Digital Turbine by 144.6% in the first quarter. Portolan Capital Management LLC now owns 649,789 shares of the software maker worth $28,467,000 after buying an additional 384,189 shares in the last quarter. Finally, Twin Tree Management LP increased its stake in Digital Turbine by 104.1% in the first quarter. Twin Tree Management LP now owns 14,559 shares of the software maker worth $638,000 after buying an additional 372,454 shares in the last quarter. 63.38% of the shares are held by institutional investors.

Analyst upgrades and downgrades

Several equity analysts have commented on APPS shares. B. Riley began covering Digital Turbine shares in a research report on Tuesday, June 28. They set a “buy” rating and a target price of $29.00 on the stock. StockNews.com began covering Digital Turbine shares in a report on Thursday, March 31. They issued a “sell” rating on the stock. Macquarie lowered its price target on Digital Turbine shares from $70.00 to $40.00 and set an “outperform” rating on the stock in a Wednesday, June 1 report. Oppenheimer lowered his price target on Digital Turbine shares from $117.00 to $40.00 and set an “outperform” rating on the stock in a Wednesday, June 1 report. Finally, Craig Hallum lowered his price target on Digital Turbine shares from $105.00 to $85.00 in a Wednesday, June 1 report. One analyst rated the stock with a sell rating and five gave the company a buy rating. According to data from MarketBeat, Digital Turbine has a consensus rating of “Moderate Buy” and an average price target of $71.00.

About the digital turbine

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Digital Turbine, Inc, through its subsidiaries, operates a mobile growth platform for advertisers, publishers, carriers and original equipment manufacturers (OEMs). The Company operates through three segments: On Device Media, In App Media – AdColony and In App Media – Fyber. Its application media platform provides mobile applications to various publishers, operators, equipment manufacturers and devices; and the content media platform offers news, weather, sports and other content, as well as programmatic advertising and sponsored and editorial content media.

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