Digital Turbine, Inc. (NASDAQ:APPS) Short Interest Up 10.8% in June

Digital Turbine, Inc. (NASDAQ:APPS) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 5,940,000 shares, an increase of 10.8% from the May 31st total of 5,360,000 shares. Currently, 6.5% of the shares of the company are sold short. Based on an average trading volume of 1,980,000 shares, the short-interest ratio is presently 3.0 days.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. StockNews.com upgraded shares of Digital Turbine from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. Roth Mkm reduced their price target on Digital Turbine from $3.00 to $2.50 and set a “neutral” rating for the company in a report on Wednesday, May 29th. Finally, Craig Hallum dropped their price objective on Digital Turbine from $10.00 to $5.00 and set a “buy” rating on the stock in a report on Wednesday, May 29th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Digital Turbine has an average rating of “Hold” and an average target price of $5.17.

Digital Turbine Stock Performance

Shares of APPS stock opened at $1.66 on Monday. Digital Turbine has a 1-year low of $1.39 and a 1-year high of $11.46. The company has a 50-day moving average of $1.89 and a two-hundred day moving average of $3.42. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.79.

Digital Turbine (NASDAQ:APPS) last announced its earnings results on Tuesday, May 28th. The software maker reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.10. Digital Turbine had a positive return on equity of 6.21% and a negative net margin of 77.18%. The company had revenue of $112.22 million during the quarter, compared to analysts’ expectations of $118.30 million. Equities analysts anticipate that Digital Turbine will post 0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Digital Turbine

Institutional investors and hedge funds have recently modified their holdings of the company. White Pine Capital LLC lifted its position in shares of Digital Turbine by 4.9% during the 4th quarter. White Pine Capital LLC now owns 43,736 shares of the software maker’s stock worth $300,000 after buying an additional 2,034 shares during the last quarter. Belpointe Asset Management LLC lifted its position in Digital Turbine by 12.1% in the third quarter. Belpointe Asset Management LLC now owns 32,311 shares of the software maker’s stock valued at $195,000 after acquiring an additional 3,477 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Digital Turbine by 25.8% in the fourth quarter. Victory Capital Management Inc. now owns 19,530 shares of the software maker’s stock valued at $134,000 after acquiring an additional 4,003 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Digital Turbine by 87.6% during the fourth quarter. Blue Trust Inc. now owns 9,093 shares of the software maker’s stock worth $62,000 after purchasing an additional 4,245 shares during the last quarter. Finally, Atria Wealth Solutions Inc. increased its position in shares of Digital Turbine by 35.3% during the fourth quarter. Atria Wealth Solutions Inc. now owns 17,976 shares of the software maker’s stock worth $123,000 after purchasing an additional 4,691 shares in the last quarter. Institutional investors and hedge funds own 63.66% 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.