Digital Turbine Inc (NASDAQ:APPS) Short Interest Down 24.3% in March

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Digital Turbine Inc (NASDAQ:APPS) was the target of a large decrease in short interest in March. As of March 13th, there was short interest totalling 5,157,400 shares, a decrease of 24.3% from the February 27th total of 6,810,000 shares. Approximately 6.6% of the company’s shares are short sold. Based on an average trading volume of 3,198,700 shares, the short-interest ratio is presently 1.6 days.

In other news, CTO Christine Collins sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $6.91, for a total value of $138,200.00. Following the completion of the sale, the chief technology officer now owns 20,000 shares of the company’s stock, valued at approximately $138,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mohan S. Gyani purchased 12,500 shares of the stock in a transaction dated Tuesday, February 25th. The stock was acquired at an average cost of $5.95 per share, with a total value of $74,375.00. Following the transaction, the director now directly owns 579,922 shares in the company, valued at approximately $3,450,535.90. The disclosure for this purchase can be found here. Insiders acquired a total of 69,500 shares of company stock worth $443,885 over the last 90 days. Insiders own 5.80% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position in Digital Turbine by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 971,384 shares of the software maker’s stock valued at $6,925,000 after acquiring an additional 31,638 shares during the last quarter. Equitable Holdings Inc. purchased a new stake in Digital Turbine during the fourth quarter valued at approximately $71,000. Man Group plc lifted its position in Digital Turbine by 753.6% during the fourth quarter. Man Group plc now owns 718,735 shares of the software maker’s stock valued at $5,125,000 after acquiring an additional 634,535 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its position in Digital Turbine by 975.0% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,300 shares of the software maker’s stock valued at $30,000 after acquiring an additional 3,900 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its position in Digital Turbine by 57.6% during the fourth quarter. Advisors Asset Management Inc. now owns 46,607 shares of the software maker’s stock valued at $332,000 after acquiring an additional 17,040 shares during the last quarter. 48.55% of the stock is owned by institutional investors.

Several equities research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Digital Turbine from a “hold” rating to a “buy” rating and set a $8.00 price target for the company in a research report on Friday, March 6th. B. Riley lowered their price target on shares of Digital Turbine from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Monday. National Securities assumed coverage on shares of Digital Turbine in a research report on Tuesday, December 17th. They issued a “buy” rating and a $11.00 price target for the company. ValuEngine cut shares of Digital Turbine from a “hold” rating to a “sell” rating in a research report on Friday, March 13th. Finally, Canaccord Genuity upped their price target on shares of Digital Turbine from $8.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. Two analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $8.30.

NASDAQ:APPS opened at $4.36 on Friday. Digital Turbine has a 52 week low of $3.16 and a 52 week high of $9.13. The firm has a 50 day moving average of $5.82 and a 200 day moving average of $6.91. The stock has a market capitalization of $370.38 million, a price-to-earnings ratio of -48.44 and a beta of 1.46.

Digital Turbine (NASDAQ:APPS) last posted its earnings results on Monday, February 10th. The software maker reported $0.04 EPS for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.01). Digital Turbine had a negative net margin of 5.35% and a positive return on equity of 28.03%. The firm had revenue of $36.02 million for the quarter, compared to analysts’ expectations of $37.58 million. On average, equities analysts anticipate that Digital Turbine will post 0.17 earnings per share for the current fiscal year.

Digital Turbine Company Profile

Digital Turbine, Inc, through its subsidiaries, provides media and mobile communication solutions for mobile operators, application developers, device original equipment manufacturers, and other third parties worldwide. The company offers Ignite, a mobile application management software to control, manage, and monetize the applications that are installed on mobile devices and professional services directly related to the ignite platform.

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