Digital Turbine (NASDAQ:APPS) Upgraded to "Neutral" at Bank of America

Key Points

• Bank of America upgraded Digital Turbine from an "underperform" rating to a "neutral" rating, raising its target price from $4.50 to $5.50.
• Other analysts also boosted their ratings, with Wall Street Zen upgrading to a "buy" rating and Craig Hallum increasing the target price to $8.00.
• Digital Turbine reported a net loss of $0.05 earnings per share for the last quarter, missing the consensus estimate, despite a revenue of $130.93 million exceeding expectations.

Bank of America upgraded shares of Digital Turbine (NASDAQ:APPS - Free Report) from an underperform rating to a neutral rating in a research report report published on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has $5.50 target price on the software maker's stock, up from their previous target price of $4.50.

APPS has been the topic of several other reports. Wall Street Zen upgraded shares of Digital Turbine from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Craig Hallum boosted their price target on Digital Turbine from $7.00 to $8.00 and gave the company a "buy" rating in a report on Wednesday.

Digital Turbine Trading Down 7.4%

Shares of APPS traded down $0.35 during trading hours on Wednesday, reaching $4.35. The stock had a trading volume of 4,921,716 shares, compared to its average volume of 4,647,641. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.63. Digital Turbine has a 52 week low of $1.18 and a 52 week high of $7.77. The firm has a 50-day moving average of $5.39 and a 200 day moving average of $4.20. The company has a market cap of $471.43 million, a P/E ratio of -5.65, a P/E/G ratio of 2.78 and a beta of 2.57.

Digital Turbine (NASDAQ:APPS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The software maker reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.05). The business had revenue of $130.93 million during the quarter, compared to the consensus estimate of $121.94 million. Digital Turbine had a positive return on equity of 2.24% and a negative net margin of 15.93%. On average, sell-side analysts expect that Digital Turbine will post -0.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Digital Turbine

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC grew its holdings in shares of Digital Turbine by 31.0% in the 2nd quarter. Intech Investment Management LLC now owns 90,383 shares of the software maker's stock valued at $533,000 after acquiring an additional 21,395 shares in the last quarter. Creative Planning raised its stake in shares of Digital Turbine by 39.2% during the 2nd quarter. Creative Planning now owns 21,289 shares of the software maker's stock worth $126,000 after purchasing an additional 5,991 shares in the last quarter. Calamos Advisors LLC acquired a new stake in shares of Digital Turbine in the 2nd quarter valued at approximately $776,000. Geode Capital Management LLC increased its holdings in Digital Turbine by 2.1% during the second quarter. Geode Capital Management LLC now owns 2,378,047 shares of the software maker's stock worth $14,033,000 after buying an additional 47,812 shares during the last quarter. Finally, Acadian Asset Management LLC increased its holdings in Digital Turbine by 107.2% during the second quarter. Acadian Asset Management LLC now owns 379,944 shares of the software maker's stock worth $2,241,000 after buying an additional 196,535 shares during the last quarter. 63.66% of the stock is currently owned by institutional investors and hedge funds.

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.