Digital Turbine, Inc. (NASDAQ:APPS) Sees Significant Decline in Short Interest

Digital Turbine, Inc. (NASDAQ:APPS) saw a significant decrease in short interest in the month of May. As of May 31st, there was short interest totalling 5,360,000 shares, a decrease of 6.3% from the May 15th total of 5,720,000 shares. Currently, 5.9% of the shares of the company are sold short. Based on an average trading volume of 2,440,000 shares, the days-to-cover ratio is presently 2.2 days.

Digital Turbine Stock Performance

NASDAQ APPS opened at $1.44 on Wednesday. Digital Turbine has a twelve month low of $1.43 and a twelve month high of $11.46. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.79. The stock has a market cap of $147.61 million, a P/E ratio of -0.35, a PEG ratio of 4.11 and a beta of 2.59. The company’s 50-day simple moving average is $1.96 and its 200 day simple moving average is $3.68.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Digital Turbine

Several large investors have recently modified their holdings of APPS. Quadrature Capital Ltd acquired a new stake in shares of Digital Turbine during the 1st quarter worth about $28,000. Pineridge Advisors LLC bought a new position in shares of Digital Turbine in the fourth quarter valued at approximately $34,000. GAMMA Investing LLC acquired a new position in shares of Digital Turbine in the 4th quarter worth approximately $43,000. New Mexico Educational Retirement Board bought a new stake in Digital Turbine during the 1st quarter worth approximately $47,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Digital Turbine during the 1st quarter valued at $55,000. 63.66% of the stock is currently owned by institutional investors.

About Digital Turbine

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.