Bank of America downgraded shares of Digital Turbine (NASDAQ:APPS - Free Report) from a neutral rating to an underperform rating in a research report released on Friday, Marketbeat Ratings reports. The brokerage currently has $1.00 price target on the software maker's stock, down from their previous price target of $3.50.
Other equities analysts have also issued reports about the stock. Macquarie decreased their target price on shares of Digital Turbine from $3.00 to $2.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. Craig Hallum decreased their price objective on Digital Turbine from $5.00 to $4.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $2.38.
Check Out Our Latest Analysis on APPS
Digital Turbine Price Performance
Shares of Digital Turbine stock traded down $0.09 on Friday, hitting $1.31. 7,191,558 shares of the company were exchanged, compared to its average volume of 3,105,208. Digital Turbine has a 1-year low of $1.29 and a 1-year high of $7.33. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.24. The stock has a market capitalization of $135.89 million, a price-to-earnings ratio of -0.48, a price-to-earnings-growth ratio of 4.61 and a beta of 2.59. The company has a 50-day moving average price of $2.90 and a 200 day moving average price of $2.49.
Digital Turbine (NASDAQ:APPS - Get Free Report) last issued its earnings results on Wednesday, November 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). Digital Turbine had a negative net margin of 61.17% and a positive return on equity of 3.32%. The company had revenue of $118.70 million during the quarter, compared to analysts' expectations of $125.85 million. During the same quarter in the previous year, the company earned $0.04 earnings per share. The firm's quarterly revenue was down 17.1% compared to the same quarter last year. As a group, sell-side analysts predict that Digital Turbine will post 0.05 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Digital Turbine news, Director Robert M. Deutschman purchased 100,000 shares of Digital Turbine stock in a transaction dated Monday, November 11th. The shares were acquired at an average price of $1.41 per share, with a total value of $141,000.00. Following the completion of the transaction, the director now owns 571,216 shares of the company's stock, valued at $805,414.56. This trade represents a 21.22 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.80% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Digital Turbine
Several large investors have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Digital Turbine in the first quarter valued at $2,177,000. Janney Montgomery Scott LLC boosted its stake in shares of Digital Turbine by 23.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 177,849 shares of the software maker's stock valued at $466,000 after buying an additional 33,755 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Digital Turbine during the second quarter worth approximately $594,000. BNP Paribas Financial Markets raised its holdings in Digital Turbine by 192.8% in the first quarter. BNP Paribas Financial Markets now owns 290,070 shares of the software maker's stock valued at $760,000 after acquiring an additional 190,990 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Digital Turbine in the second quarter worth approximately $589,000. 63.66% of the stock is owned by hedge funds and other institutional investors.
Digital Turbine Company Profile
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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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