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Traders Purchase Large Volume of Digital Turbine Call Options (NASDAQ:APPS)

Last updated on Wednesday, September 16, 2020 | 2020 MarketBeat

Digital Turbine Inc (NASDAQ:APPS) saw some unusual options trading on Wednesday. Traders bought 8,750 call options on the stock. This is an increase of approximately 70% compared to the typical daily volume of 5,147 call options.

In other news, CEO William Gordon Stone III sold 84,585 shares of the company's stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $24.10, for a total value of $2,038,498.50. Following the transaction, the chief executive officer now owns 1,035,989 shares of the company's stock, valued at $24,967,334.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.20% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. lifted its stake in shares of Digital Turbine by 0.6% in the 2nd quarter. Advisors Asset Management Inc. now owns 111,612 shares of the software maker's stock valued at $1,403,000 after acquiring an additional 621 shares during the last quarter. Commonwealth Equity Services LLC raised its position in Digital Turbine by 8.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 12,235 shares of the software maker's stock worth $153,000 after purchasing an additional 952 shares during the last quarter. Principal Financial Group Inc. raised its position in Digital Turbine by 15.6% during the 2nd quarter. Principal Financial Group Inc. now owns 13,603 shares of the software maker's stock worth $171,000 after purchasing an additional 1,834 shares during the last quarter. Steward Partners Investment Advisory LLC raised its position in Digital Turbine by 15.9% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 20,442 shares of the software maker's stock worth $257,000 after purchasing an additional 2,810 shares during the last quarter. Finally, Globeflex Capital L P raised its position in Digital Turbine by 1.5% during the 2nd quarter. Globeflex Capital L P now owns 193,107 shares of the software maker's stock worth $2,427,000 after purchasing an additional 2,857 shares during the last quarter. Institutional investors own 60.94% of the company's stock.

NASDAQ APPS traded up $2.75 on Wednesday, hitting $31.42. 103,245 shares of the company's stock were exchanged, compared to its average volume of 5,259,747. The stock has a 50-day moving average of $22.44 and a 200-day moving average of $11.26. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.20. Digital Turbine has a 52 week low of $3.48 and a 52 week high of $29.56. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 109.86, a P/E/G ratio of 1.28 and a beta of 2.23.

Digital Turbine (NASDAQ:APPS) last released its earnings results on Wednesday, August 5th. The software maker reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.04. Digital Turbine had a return on equity of 31.91% and a net margin of 15.35%. The firm had revenue of $59.01 million during the quarter, compared to analysts' expectations of $48.49 million. As a group, analysts predict that Digital Turbine will post 0.4 earnings per share for the current year.

APPS has been the topic of several research reports. Craig Hallum upped their target price on Digital Turbine from $15.00 to $24.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. B. Riley upped their target price on Digital Turbine from $9.50 to $18.00 in a research report on Tuesday, August 4th. Zacks Investment Research downgraded Digital Turbine from a "buy" rating to a "hold" rating in a research report on Tuesday, August 11th. Canaccord Genuity increased their price target on Digital Turbine from $12.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, LADENBURG THALM/SH SH raised Digital Turbine from a "neutral" rating to a "buy" rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. The company has a consensus rating of "Buy" and a consensus price target of $19.41.

About Digital Turbine

Digital Turbine, Inc, through its subsidiaries, provides media and mobile communication products and solutions for mobile operators, application developers, device original equipment manufacturers (OEMs), and other third parties worldwide. It provides Ignite, a software platform that enables mobile operators and OEMs to control, manage, and monetize devices.

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