Renaissance Technologies LLC Trims Holdings in Digital Turbine, Inc. $APPS

Key Points

• Renaissance Technologies cut its Digital Turbine stake by 61.9% in the first quarter, selling 459,500 shares and retaining 282,800 shares valued at approximately $814,000. Institutional investors collectively own 63.66% of APPS.
• Analyst sentiment remains generally positive, with four Buy ratings, one Hold and one Sell. Digital Turbine has a consensus rating of “Moderate Buy” and an average price target of $14.75.
• Digital Turbine exceeded quarterly expectations, reporting $0.19 in EPS versus $0.14 expected and revenue of $165.98 million compared with the $149.98 million consensus estimate.

Renaissance Technologies LLC lowered its stake in shares of Digital Turbine, Inc. (NASDAQ:APPS - Free Report) by 61.9% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 282,800 shares of the software maker's stock after selling 459,500 shares during the period. Renaissance Technologies LLC owned approximately 0.24% of Digital Turbine worth $814,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in APPS. GC Wealth Management RIA LLC boosted its position in shares of Digital Turbine by 41.9% during the first quarter. GC Wealth Management RIA LLC now owns 576,273 shares of the software maker's stock worth $1,660,000 after buying an additional 170,134 shares during the period. Sei Investments Co. acquired a new position in Digital Turbine during the 1st quarter worth about $77,000. Globeflex Capital L P purchased a new position in Digital Turbine during the 1st quarter valued at about $1,227,000. State of Wyoming acquired a new position in Digital Turbine in the 1st quarter valued at about $50,000. Finally, Cetera Investment Advisers increased its stake in Digital Turbine by 22.2% during the first quarter. Cetera Investment Advisers now owns 23,832 shares of the software maker's stock worth $69,000 after purchasing an additional 4,323 shares during the period. Hedge funds and other institutional investors own 63.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on APPS. Craig Hallum restated a "buy" rating and issued a $18.00 price objective on shares of Digital Turbine in a report on Wednesday, August 5th. Weiss Ratings downgraded shares of Digital Turbine from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, June 5th. Zacks Research cut Digital Turbine from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Wall Street Zen cut Digital Turbine from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, Benchmark increased their price target on Digital Turbine from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Digital Turbine currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.75.

Digital Turbine Stock Performance

NASDAQ:APPS opened at $12.44 on Friday. Digital Turbine, Inc. has a 12 month low of $2.74 and a 12 month high of $15.34. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market capitalization of $1.51 billion, a PE ratio of -47.85, a price-to-earnings-growth ratio of 0.53 and a beta of 2.81. The business's fifty day moving average price is $10.36 and its 200 day moving average price is $6.41.

Digital Turbine (NASDAQ:APPS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.05. The company had revenue of $165.98 million during the quarter, compared to the consensus estimate of $149.98 million. Digital Turbine had a positive return on equity of 38.34% and a negative net margin of 4.46%. On average, sell-side analysts anticipate that Digital Turbine, Inc. will post 0.75 earnings per share for the current fiscal year.

Digital Turbine Profile

Digital Turbine, Inc NASDAQ: APPS is a mobile technology company that streamlines content delivery and app advertising across connected devices. Its platform enables carriers, OEMs, app developers and advertisers to engage users through personalized app recommendations, in-app promotions and turnkey monetization solutions. By integrating software directly on smartphones and tablets, Digital Turbine simplifies the user journey from discovery to installation without requiring additional downloads or redirects through traditional app stores.

The company's flagship Ignite Platform offers end-to-end campaign management, combining demand-side advertising, real-time analytics and automated content fulfillment.

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