BNP Paribas Financial Markets Trims Position in Digital Turbine, Inc. (NASDAQ:APPS)

BNP Paribas Financial Markets lowered its position in shares of Digital Turbine, Inc. (NASDAQ:APPS) by 29.2% during the third quarter, Holdings Channel reports. The fund owned 217,696 shares of the software maker’s stock after selling 89,946 shares during the quarter. BNP Paribas Financial Markets’ holdings in Digital Turbine were worth $668,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC grew its holdings in Digital Turbine by 97.1% in 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 purchasing an additional 755,707 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Digital Turbine in the 2nd quarter valued at $594,000. Assenagon Asset Management S.A. purchased a new stake in shares of Digital Turbine during the 2nd quarter valued at $589,000. Lindbrook Capital LLC acquired a new stake in shares of Digital Turbine during the 3rd quarter worth $405,000. Finally, XTX Topco Ltd purchased a new position in shares of Digital Turbine in the 2nd quarter worth $211,000. 63.66% of the stock is owned by hedge funds and other institutional investors.

Digital Turbine Stock Performance

APPS opened at $1.42 on Friday. Digital Turbine, Inc. has a twelve month low of $1.18 and a twelve month high of $7.33. The stock has a market cap of $147.29 million, a PE ratio of -0.48 and a beta of 2.37. The business’s 50 day moving average is $2.30 and its 200-day moving average is $2.37. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.24.

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

Analysts Set New Price Targets

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

Insider Activity

In other Digital Turbine news, Director Robert M. Deutschman bought 100,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were bought at an average price of $1.41 per share, for a total transaction of $141,000.00. Following the acquisition, the director now directly owns 571,216 shares of the company’s stock, valued at approximately $805,414.56. This trade represents a 21.22 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders purchased 127,000 shares of company stock worth $175,610. Insiders own 5.80% of the company’s stock.

Digital Turbine 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.