Digital Turbine (NASDAQ:APPS) Trading Down 4.7% - Here's What Happened

Digital Turbine, Inc. (NASDAQ:APPS - Get Free Report) dropped 4.7% on Wednesday . The company traded as low as $6.98 and last traded at $7.19. Approximately 9,008,140 shares were traded during trading, an increase of 88% from the average daily volume of 4,789,803 shares. The stock had previously closed at $7.54.

Analyst Upgrades and Downgrades

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

Digital Turbine Stock Performance

The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 2.50. The firm's fifty day moving average is $4.03 and its 200-day moving average is $3.22. The stock has a market capitalization of $721.94 million, a PE ratio of -7.71 and a beta of 2.58.

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 the consensus estimate of $0.05 by $0.05. The business had revenue of $119.15 million during the quarter, compared to analyst estimates of $116.64 million. Digital Turbine had a positive return on equity of 1.82% and a negative net margin of 18.61%. During the same period last year, the business posted $0.12 earnings per share. As a group, research analysts anticipate that Digital Turbine, Inc. will post -0.03 earnings per share for the current year.

Institutional Investors Weigh In On Digital Turbine

Institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new stake in Digital Turbine during the 4th quarter worth about $28,000. Plancorp LLC purchased a new stake in shares of Digital Turbine during the fourth quarter worth approximately $35,000. Strs Ohio acquired a new position in shares of Digital Turbine during the first quarter worth about $41,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Digital Turbine during the 1st quarter worth approximately $45,000. Finally, Cetera Investment Advisers lifted its holdings in Digital Turbine by 94.3% in the fourth quarter. Cetera Investment Advisers now owns 27,436 shares of the software maker's stock valued at $46,000 after acquiring an additional 13,317 shares during the period. 63.66% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.