Digital Turbine (NASDAQ:APPS) Cut to “Underperform” at Bank of America

Bank of America downgraded shares of Digital Turbine (NASDAQ:APPS) from a neutral rating to an underperform rating in a report issued on Friday, MarketBeat Ratings reports. The brokerage currently has $1.00 price target on the software maker’s stock, down from their prior price target of $3.50.

Several other equities research analysts have also recently weighed in on APPS. Macquarie reduced their price objective on Digital Turbine from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Craig Hallum decreased their price target 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 given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Digital Turbine currently has a consensus rating of “Hold” and a consensus price target of $2.38.

Digital Turbine Stock Down 6.4 %

Shares of APPS opened at $1.31 on Friday. The business’s 50 day simple moving average is $2.84 and its 200-day simple moving average is $2.49. Digital Turbine has a 1 year low of $1.29 and a 1 year high of $7.33. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $135.88 million, a price-to-earnings ratio of -0.44, a price-to-earnings-growth ratio of 4.05 and a beta of 2.59.

Digital Turbine (NASDAQ:APPS) last released its quarterly earnings data on Wednesday, November 6th. The software maker reported $0.05 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 business had revenue of $118.70 million for the quarter, compared to the consensus estimate of $125.85 million. During the same quarter last year, the business earned $0.04 EPS. Digital Turbine’s revenue for the quarter was down 17.1% compared to the same quarter last year. As a group, equities analysts expect that Digital Turbine will post 0.05 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Robert M. Deutschman bought 100,000 shares of the stock in a transaction dated Monday, November 11th. The stock was purchased at an average cost of $1.41 per share, with a total value of $141,000.00. Following the completion of the purchase, 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 filing with the SEC, which is available at the SEC website. Insiders own 5.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in Digital Turbine by 8.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,334,648 shares of the software maker’s stock valued at $7,169,000 after buying an additional 181,032 shares during the period. Rice Hall James & Associates LLC raised its position in 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 lifted its holdings in shares of Digital Turbine by 97.1% in the 2nd quarter. AQR Capital Management LLC now owns 1,533,969 shares of the software maker’s stock worth $2,546,000 after buying an additional 755,707 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of Digital Turbine during the 1st quarter worth $2,177,000. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of Digital Turbine during the 2nd quarter worth $725,000. Hedge funds and other institutional investors 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.