Digital Turbine (NASDAQ:APPS) Shares Gap Up – Here’s Why

Digital Turbine, Inc. (NASDAQ:APPS) gapped up before the market opened on Thursday. The stock had previously closed at $11.10, but opened at $11.64. Digital Turbine shares last traded at $11.3450, with a volume of 709,942 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. TD Cowen reiterated a “hold” rating on shares of Digital Turbine in a research report on Tuesday. Wall Street Zen upgraded shares of Digital Turbine from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 29th. Benchmark lifted their target price on shares of Digital Turbine from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Roth Capital reaffirmed a “buy” rating and issued a $17.50 target price on shares of Digital Turbine in a report on Thursday, August 6th. Finally, Zacks Research lowered Digital Turbine from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.80.

Digital Turbine Stock Performance

The company has a market capitalization of $1.37 billion, a P/E ratio of -43.42, a P/E/G ratio of 0.50 and a beta of 2.87. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.20 and a current ratio of 1.20. The business’s fifty day simple moving average is $11.03 and its 200-day simple moving average is $8.00.

Digital Turbine (NASDAQ:APPS) last released its quarterly earnings results on Tuesday, August 4th. The software maker reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.05. Digital Turbine had a positive return on equity of 38.34% and a negative net margin of 4.46%.The business had revenue of $165.98 million during the quarter, compared to analysts’ expectations of $149.98 million. As a group, equities analysts anticipate that Digital Turbine, Inc. will post 0.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC bought a new position in Digital Turbine in the second quarter worth approximately $56,000. Allworth Financial LP raised its stake in shares of Digital Turbine by 42.4% during the 2nd quarter. Allworth Financial LP now owns 5,698 shares of the software maker’s stock worth $74,000 after acquiring an additional 1,696 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Digital Turbine during the 4th quarter valued at $44,000. Essential Partners LLC raised its stake in Digital Turbine by 167.3% in the first quarter. Essential Partners LLC now owns 9,031 shares of the software maker’s stock valued at $26,000 after buying an additional 5,652 shares during the last quarter. Finally, Verus Capital Partners LLC purchased a new position in shares of Digital Turbine in the 1st quarter valued at approximately $35,000. Hedge funds and other institutional investors own 63.66% of the company’s stock.

About Digital Turbine

Digital Turbine, Inc is a mobile advertising and application growth company that provides technology for advertisers, mobile operators, device manufacturers and app publishers. Its platform helps businesses promote, distribute and monetize mobile applications and digital content across smartphones and other connected devices.

The company’s offerings include on-device app discovery and recommendation tools, advertising inventory and exchange services, and technologies that support app installation and user engagement.