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Digital Turbine (NASDAQ:APPS) Shares Up 8.5% - Here's Why

Digital Turbine logo with Computer and Technology background

Digital Turbine, Inc. (NASDAQ:APPS - Get Free Report)'s share price rose 8.5% on Monday . The stock traded as high as $5.80 and last traded at $5.82. Approximately 1,630,032 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 6,054,803 shares. The stock had previously closed at $5.37.

Analyst Ratings Changes

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

Check Out Our Latest Stock Report on APPS

Digital Turbine Trading Up 0.7%

The company's 50 day simple moving average is $5.24 and its 200 day simple moving average is $3.92. The firm has a market cap of $581.90 million, a price-to-earnings ratio of -6.06 and a beta of 2.57. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.09 and a quick ratio of 1.09.

Digital Turbine (NASDAQ:APPS - Get Free Report) last posted 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 the consensus estimate 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 in the previous year, the firm posted $0.12 earnings per share. As a group, research analysts expect that Digital Turbine, Inc. will post -0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Digital Turbine

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Digital Turbine by 11.2% during the first 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 in the last quarter. Two Sigma Investments LP increased its position in shares of Digital Turbine by 19.1% during the fourth 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. Harbor Capital Advisors Inc. acquired a new stake in shares of Digital Turbine during the second quarter worth about $12,031,000. Bank of America Corp DE increased its position in shares of Digital Turbine by 55.6% during 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 in the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Digital Turbine by 0.4% during the fourth quarter. Two Sigma Advisers LP now owns 1,641,974 shares of the software maker's stock worth $2,775,000 after purchasing an additional 7,100 shares in the last quarter. Institutional investors and hedge funds own 63.66% of the company's stock.

About Digital Turbine

(Get Free Report)

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.

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