Digital Turbine (NASDAQ:APPS) Shares Cross Below 50-Day Moving Average - Here's Why

Digital Turbine, Inc. (NASDAQ:APPS - Get Free Report) passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $5.18 and traded as low as $5.18. Digital Turbine shares last traded at $5.37, with a volume of 3,698,777 shares.

Wall Street Analysts Forecast Growth

APPS has been the topic of a number of research analyst reports. Craig Hallum increased their price objective on shares of Digital Turbine from $4.00 to $7.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Wall Street Zen upgraded shares of Digital Turbine from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st.

Digital Turbine Price Performance

The stock's 50 day moving average price is $5.18 and its two-hundred day moving average price is $3.86. The stock has a market cap of $574.48 million, a price-to-earnings ratio of -6.03 and a beta of 2.57. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.66.

Digital Turbine (NASDAQ:APPS - Get Free Report) last released its quarterly earnings data on Monday, June 16th. The software maker reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.05. Digital Turbine had a negative net margin of 18.61% and a positive return on equity of 1.89%. The firm had revenue of $119.15 million during the quarter, compared to analysts' expectations of $116.64 million. During the same period last year, the business earned $0.12 earnings per share. Equities research analysts forecast that Digital Turbine, Inc. will post -0.03 EPS for the current fiscal year.

Institutional Trading of Digital Turbine

Several institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. acquired a new position in Digital Turbine in the 2nd quarter valued at $12,031,000. Marshall Wace LLP acquired a new position in shares of Digital Turbine during the 4th quarter worth $1,698,000. Segall Bryant & Hamill LLC acquired a new position in shares of Digital Turbine during the 1st quarter worth $2,710,000. Vanguard Group Inc. grew its stake in shares of 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 purchasing an additional 893,035 shares during the period. Finally, Greenhaven Road Investment Management L.P. grew its stake in shares of Digital Turbine by 467.1% during the 1st 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. Hedge funds and other institutional investors own 63.66% of the company's stock.

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.