Digital Turbine (NASDAQ:APPS) Shares Up 9.2% - Here's What Happened

Digital Turbine, Inc. (NASDAQ:APPS - Get Free Report)'s stock price rose 9.2% on Monday . The company traded as high as $6.11 and last traded at $6.26. Approximately 1,508,186 shares were traded during trading, a decline of 70% from the average daily volume of 5,030,376 shares. The stock had previously closed at $5.73.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on APPS shares. Craig Hallum increased their price target 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 raised shares of Digital Turbine from a "hold" rating to a "buy" rating in a report on Saturday, June 21st.

Digital Turbine Trading Up 2.8%

The firm has a market cap of $643.38 million, a PE ratio of -6.76 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. The business has a 50-day moving average price of $4.72 and a two-hundred day moving average price of $3.57.

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, beating 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 business had revenue of $119.15 million for the quarter, compared to analyst estimates of $116.64 million. During the same period in the prior year, the business earned $0.12 earnings per share. Analysts forecast that Digital Turbine, Inc. will post -0.03 EPS for the current year.

Hedge Funds Weigh In On Digital Turbine

Institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Digital Turbine by 4.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,090 shares of the software maker's stock valued at $93,000 after purchasing an additional 2,356 shares during the last quarter. Two Sigma Advisers LP increased its holdings in Digital Turbine by 0.4% during the 4th 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 during the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Digital Turbine by 28.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 37,726 shares of the software maker's stock valued at $64,000 after purchasing an additional 8,426 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Digital Turbine by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 27,024 shares of the software maker's stock worth $46,000 after buying an additional 8,892 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Digital Turbine by 5.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 170,647 shares of the software maker's stock worth $289,000 after buying an additional 8,929 shares in the last quarter. 63.66% of the stock is owned by institutional investors and hedge funds.

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.