Geode Capital Management LLC Acquires 181,032 Shares of Digital Turbine, Inc. (NASDAQ:APPS)

Geode Capital Management LLC increased its holdings in Digital Turbine, Inc. (NASDAQ:APPS) by 8.4% in the third quarter, HoldingsChannel.com reports. The fund owned 2,334,648 shares of the software maker’s stock after acquiring an additional 181,032 shares during the period. Geode Capital Management LLC’s holdings in Digital Turbine were worth $7,169,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Rice Hall James & Associates LLC boosted its stake in shares of Digital Turbine by 4.1% during the 3rd quarter. Rice Hall James & Associates LLC now owns 1,970,928 shares of the software maker’s stock valued at $6,051,000 after purchasing an additional 77,185 shares in the last quarter. AQR Capital Management LLC boosted its position in Digital Turbine by 97.1% during the 2nd 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. Brooktree Capital Management grew its holdings in shares of Digital Turbine by 7.4% during the 3rd quarter. Brooktree Capital Management now owns 365,621 shares of the software maker’s stock worth $1,122,000 after acquiring an additional 25,061 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Digital Turbine in the 2nd quarter valued at approximately $594,000. Finally, Barclays PLC boosted its position in shares of Digital Turbine by 62.5% during the third quarter. Barclays PLC now owns 252,673 shares of the software maker’s stock valued at $776,000 after purchasing an additional 97,196 shares in the last quarter. 63.66% of the stock is owned by hedge funds and other institutional investors.

Digital Turbine Price Performance

APPS opened at $1.76 on Friday. The firm has a market cap of $182.56 million, a PE ratio of -0.60 and a beta of 2.38. The stock has a 50-day moving average price of $1.86 and a 200-day moving average price of $2.37. Digital Turbine, Inc. has a 1 year low of $1.18 and a 1 year high of $6.76. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.09 and a quick ratio of 1.09.

Digital Turbine (NASDAQ:APPS) 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 positive return on equity of 3.32% and a negative net margin of 61.17%. The firm had revenue of $118.70 million during the quarter, compared to analysts’ expectations of $125.85 million. During the same period last year, the firm posted $0.04 earnings per share. The firm’s quarterly revenue was down 17.1% on a year-over-year basis. Sell-side analysts predict that Digital Turbine, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Digital Turbine

In other Digital Turbine news, Director Robert M. Deutschman bought 100,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was acquired at an average price of $1.41 per share, with a total value of $141,000.00. Following the transaction, the director now owns 571,216 shares in the company, valued at $805,414.56. This represents a 21.22 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders have acquired 127,000 shares of company stock worth $175,610. Insiders own 5.80% of the company’s stock.

Analyst Ratings Changes

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

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.