Digital Turbine (NASDAQ:APPS) Stock Passes Below 50 Day Moving Average - Here's What Happened

Key Points

• Digital Turbine's stock price has fallen below its 50-day moving average of $5.29, last trading at $5.15 amid significant trading volume of over 3 million shares.
• Analysts have raised their price targets for Digital Turbine, with one firm increasing it from $4.00 to $7.00 and changing the stock's rating from "hold" to "buy."
• Despite a positive earnings report reflecting $0.10 EPS and revenue above expectations, analysts predict a -0.03 EPS for Digital Turbine for the current year.

Digital Turbine, Inc. (NASDAQ:APPS - Get Free Report) shares crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $5.29 and traded as low as $5.06. Digital Turbine shares last traded at $5.15, with a volume of 3,228,832 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Digital Turbine from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Craig Hallum boosted their price objective on Digital Turbine from $4.00 to $7.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th.

Digital Turbine Stock Performance

The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.66. The firm has a market cap of $552.76 million, a P/E ratio of -5.75 and a beta of 2.57. The firm has a fifty day moving average of $5.32 and a 200-day moving average of $4.04.

Digital Turbine (NASDAQ:APPS - Get Free Report) last released its quarterly earnings results on Monday, June 16th. The software maker reported $0.10 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 for the quarter, compared to analyst estimates of $116.64 million. During the same quarter last year, the firm posted $0.12 earnings per share. Research analysts predict that Digital Turbine, Inc. will post -0.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Digital Turbine

A number of institutional investors have recently made changes to their positions in APPS. Allspring Global Investments Holdings LLC bought a new position in Digital Turbine in the second quarter worth approximately $1,128,000. Greenleaf Trust bought a new position in Digital Turbine during the second quarter valued at $115,000. Harbor Capital Advisors Inc. purchased a new position in shares of Digital Turbine in the second quarter valued at $12,031,000. Goldman Sachs Group Inc. grew its position in shares of Digital Turbine by 74.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,021,687 shares of the software maker's stock valued at $2,774,000 after purchasing an additional 437,310 shares in the last quarter. Finally, DLD Asset Management LP bought a new stake in Digital Turbine during the first quarter valued at $272,000. Institutional investors own 63.66% of the company's stock.

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.