Digital Turbine (NASDAQ:APPS) Shares Gap Up After Earnings Beat

Digital Turbine, Inc. (NASDAQ:APPS - Get Free Report)'s stock price gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $4.68, but opened at $4.90. Digital Turbine shares last traded at $4.97, with a volume of 708,030 shares trading hands.

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

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Digital Turbine

Several institutional investors have recently made changes to their positions in APPS. Vanguard Group Inc. increased its stake in Digital Turbine by 11.2% during the 1st quarter. Vanguard Group Inc. now owns 8,869,396 shares of the software maker's stock worth $24,080,000 after acquiring an additional 893,035 shares during the period. Two Sigma Investments LP grew its holdings in shares of Digital Turbine by 19.1% during the 4th quarter. Two Sigma Investments LP now owns 2,105,953 shares of the software maker's stock worth $3,559,000 after purchasing an additional 337,959 shares in the last quarter. Bank of America Corp DE increased its position in shares of 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 worth $3,427,000 after purchasing an additional 724,297 shares during the period. Two Sigma Advisers LP raised its stake in Digital Turbine by 0.4% in the fourth quarter. Two Sigma Advisers LP now owns 1,641,974 shares of the software maker's stock valued at $2,775,000 after purchasing an additional 7,100 shares in the last quarter. Finally, Greenhaven Road Investment Management L.P. lifted its position in Digital Turbine by 467.1% during the first quarter. Greenhaven Road Investment Management L.P. now owns 1,025,951 shares of the software maker's stock worth $2,785,000 after purchasing an additional 845,051 shares during the period. 63.66% of the stock is currently owned by institutional investors.

Digital Turbine Price Performance

The firm has a market cap of $721.05 million, a P/E ratio of 337.00 and a beta of 2.58. 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 company's 50-day moving average is $4.19 and its two-hundred day moving average is $3.28.

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.