JPMorgan Chase & Co. Acquires 340,512 Shares of Digital Turbine, Inc. (NASDAQ:APPS)

JPMorgan Chase & Co. grew its position in shares of Digital Turbine, Inc. (NASDAQ:APPS - Free Report) by 719.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 387,834 shares of the software maker's stock after acquiring an additional 340,512 shares during the quarter. JPMorgan Chase & Co. owned about 0.37% of Digital Turbine worth $1,191,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of APPS. AQR Capital Management LLC increased its holdings in shares of Digital Turbine by 97.1% during the second quarter. AQR Capital Management LLC now owns 1,533,969 shares of the software maker's stock valued at $2,546,000 after acquiring an additional 755,707 shares in the last quarter. Geode Capital Management LLC grew its holdings in Digital Turbine by 8.4% during the third quarter. Geode Capital Management LLC now owns 2,334,648 shares of the software maker's stock worth $7,169,000 after buying an additional 181,032 shares in the last quarter. Lindbrook Capital LLC bought a new stake in Digital Turbine during the third quarter worth $405,000. XTX Topco Ltd bought a new stake in Digital Turbine during the second quarter worth $211,000. Finally, Barclays PLC grew its holdings in Digital Turbine by 62.5% during the third quarter. Barclays PLC now owns 252,673 shares of the software maker's stock worth $776,000 after buying an additional 97,196 shares in the last quarter. Institutional investors own 63.66% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Bank of America downgraded Digital Turbine from a "neutral" rating to an "underperform" rating and decreased their price target for the stock from $3.50 to $1.00 in a report on Friday, November 15th. Craig Hallum decreased their price target on Digital Turbine from $5.00 to $4.00 and set a "buy" rating for the company in a report on Thursday, November 7th. Finally, Macquarie cut their price objective on Digital Turbine from $3.00 to $2.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, Digital Turbine currently has an average rating of "Hold" and a consensus price target of $2.38.

Digital Turbine Stock Performance

APPS stock traded up $0.21 during midday trading on Friday, hitting $2.46. The company's stock had a trading volume of 3,597,609 shares, compared to its average volume of 2,752,046. The stock's 50-day moving average price is $1.69 and its 200 day moving average price is $2.42. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.24. Digital Turbine, Inc. has a 1 year low of $1.18 and a 1 year high of $6.03. The stock has a market cap of $255.17 million, a price-to-earnings ratio of -0.83 and a beta of 2.34.

Digital Turbine (NASDAQ:APPS - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The software maker reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). Digital Turbine had a positive return on equity of 3.32% and a negative net margin of 61.17%. The business had revenue of $118.70 million during the quarter, compared to analysts' expectations of $125.85 million. During the same period in the prior year, the firm posted $0.04 EPS. The firm's revenue for the quarter was down 17.1% on a year-over-year basis. On average, equities analysts forecast that Digital Turbine, Inc. will post -0.13 EPS for the current year.

Insider Activity

In related news, Director Robert M. Deutschman acquired 100,000 shares of the company's stock in a transaction that occurred on 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 acquisition, the director now owns 571,216 shares of the company's stock, valued at approximately $805,414.56. This trade represents a 21.22 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have bought 127,000 shares of company stock valued at $175,610 in the last 90 days. Insiders own 5.80% of the company's stock.

Digital Turbine Company Profile

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.