Digital Turbine (NASDAQ:APPS) Sees Unusually-High Trading Volume After Strong Earnings

Digital Turbine, Inc. (NASDAQ:APPS - Get Free Report) shares saw unusually-high trading volume on Tuesday after the company announced better than expected quarterly earnings. Approximately 9,873,209 shares were traded during trading, an increase of 118% from the previous session's volume of 4,537,582 shares.The stock last traded at $6.95 and had previously closed at $4.81.

The software maker reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.05. The business had revenue of $119.15 million during the quarter, compared to analysts' expectations of $116.64 million. Digital Turbine had a negative net margin of 18.61% and a positive return on equity of 1.89%. During the same quarter last year, the company posted $0.12 earnings per share.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on APPS shares. Craig Hallum boosted their price target on Digital Turbine from $4.00 to $7.00 and gave the company a "buy" rating in a research note on Tuesday. Wall Street Zen downgraded Digital Turbine from a "hold" rating to a "sell" rating in a report on Monday, March 24th.

Institutional Trading of Digital Turbine

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fuller & Thaler Asset Management Inc. acquired a new position in Digital Turbine during the fourth quarter valued at $490,000. Bank of America Corp DE grew its holdings in Digital Turbine by 55.6% in the fourth quarter. Bank of America Corp DE now owns 2,028,022 shares of the software maker's stock valued at $3,427,000 after purchasing an additional 724,297 shares during the period. JPMorgan Chase & Co. increased its holdings in Digital Turbine by 39.7% in the 4th quarter. JPMorgan Chase & Co. now owns 541,825 shares of the software maker's stock worth $916,000 after acquiring an additional 153,991 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Digital Turbine during the fourth quarter worth about $1,698,000. Finally, Perkins Capital Management Inc. lifted its stake in Digital Turbine by 79.3% in the 4th quarter. Perkins Capital Management Inc. now owns 387,600 shares of the software maker's stock valued at $655,000 after buying an additional 171,400 shares in the last quarter. Institutional investors and hedge funds own 63.66% of the company's stock.

Digital Turbine Price Performance

The company has a debt-to-equity ratio of 2.66, a current ratio of 1.09 and a quick ratio of 1.06. The stock has a 50 day moving average price of $4.19 and a 200-day moving average price of $3.28. The stock has a market capitalization of $616.20 million, a price-to-earnings ratio of -6.47 and a beta of 2.58.

About Digital Turbine

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.