Digital Turbine Inc (NASDAQ:APPS) Short Interest Down 29.8% in August

Digital Turbine Inc (NASDAQ:APPS) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 2,990,000 shares, a drop of 29.8% from the August 15th total of 4,260,000 shares. Currently, 3.7% of the company’s shares are sold short. Based on an average trading volume of 3,700,000 shares, the short-interest ratio is currently 0.8 days.

Shares of NASDAQ:APPS opened at $32.23 on Thursday. The business’s 50 day moving average is $22.77 and its 200 day moving average is $11.38. Digital Turbine has a 12-month low of $3.48 and a 12-month high of $32.37. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 115.11, a PEG ratio of 1.28 and a beta of 2.23. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.20.

Digital Turbine (NASDAQ:APPS) last posted its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.04. Digital Turbine had a net margin of 15.35% and a return on equity of 31.91%. The firm had revenue of $59.01 million for the quarter, compared to the consensus estimate of $48.49 million. As a group, equities research analysts expect that Digital Turbine will post 0.4 earnings per share for the current year.

Several analysts have recently weighed in on APPS shares. Craig Hallum lifted their price objective on shares of Digital Turbine from $15.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. LADENBURG THALM/SH SH raised shares of Digital Turbine from a “neutral” rating to a “buy” rating in a research note on Thursday, August 6th. BidaskClub cut shares of Digital Turbine from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 26th. TheStreet raised Digital Turbine from a “c” rating to a “b-” rating in a research report on Thursday, June 4th. Finally, Zacks Investment Research cut Digital Turbine from a “buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Digital Turbine has an average rating of “Buy” and an average target price of $19.41.

In other news, CEO William Gordon Stone III sold 84,585 shares of the business’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $24.10, for a total value of $2,038,498.50. Following the transaction, the chief executive officer now directly owns 1,035,989 shares of the company’s stock, valued at approximately $24,967,334.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.20% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in shares of Digital Turbine in the 1st quarter worth approximately $118,000. Victory Capital Management Inc. boosted its holdings in shares of Digital Turbine by 25.0% in the 1st quarter. Victory Capital Management Inc. now owns 23,552 shares of the software maker’s stock worth $102,000 after buying an additional 4,716 shares during the last quarter. State Board of Administration of Florida Retirement System bought a new position in Digital Turbine during the first quarter valued at about $53,000. Arizona State Retirement System bought a new stake in Digital Turbine in the first quarter worth about $78,000. Finally, Russell Investments Group Ltd. boosted its stake in Digital Turbine by 177.6% in the first quarter. Russell Investments Group Ltd. now owns 774,700 shares of the software maker’s stock valued at $3,335,000 after acquiring an additional 495,605 shares during the last quarter. Institutional investors and hedge funds own 60.94% of the company’s stock.

Digital Turbine Company Profile

Digital Turbine, Inc, through its subsidiaries, provides media and mobile communication products and solutions for mobile operators, application developers, device original equipment manufacturers (OEMs), and other third parties worldwide. It provides Ignite, a software platform that enables mobile operators and OEMs to control, manage, and monetize devices.

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