Short Interest in Digital Turbine, Inc. (NASDAQ:APPS) Grows By 20.9%

Digital Turbine, Inc. (NASDAQ:APPSGet Rating) saw a large growth in short interest during the month of April. As of April 30th, there was short interest totalling 5,090,000 shares, a growth of 20.9% from the April 15th total of 4,210,000 shares. Based on an average daily trading volume, of 3,230,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 6.1% of the shares of the stock are short sold.

In other Digital Turbine news, Director Robert M. Deutschman bought 15,000 shares of Digital Turbine stock in a transaction on Monday, March 14th. The stock was acquired at an average price of $31.66 per share, with a total value of $474,900.00. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michelle M. Sterling bought 1,000 shares of the stock in a transaction on Monday, March 7th. The stock was purchased at an average cost of $36.79 per share, for a total transaction of $36,790.00. The disclosure for this purchase can be found here. Insiders own 5.60% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APPS. Walleye Capital LLC purchased a new position in Digital Turbine in the first quarter valued at about $2,153,000. Worth Venture Partners LLC boosted its stake in Digital Turbine by 17.2% in the 1st quarter. Worth Venture Partners LLC now owns 19,361 shares of the software maker’s stock worth $848,000 after buying an additional 2,837 shares during the last quarter. Advisors Asset Management Inc. raised its stake in Digital Turbine by 1.8% during the first quarter. Advisors Asset Management Inc. now owns 27,375 shares of the software maker’s stock worth $1,199,000 after purchasing an additional 495 shares during the period. Penn Capital Management Company LLC increased its stake in Digital Turbine by 1,301.8% during the first quarter. Penn Capital Management Company LLC now owns 143,815 shares of the software maker’s stock worth $6,722,000 after acquiring an additional 133,556 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Digital Turbine in the 1st quarter valued at about $324,000. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have weighed in on APPS. StockNews.com assumed coverage on Digital Turbine in a report on Thursday, March 31st. They set a “sell” rating for the company. Macquarie reduced their price target on shares of Digital Turbine from $80.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, February 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $101.20.

NASDAQ APPS opened at $27.21 on Wednesday. The firm has a 50 day moving average of $36.31 and a two-hundred day moving average of $47.61. The stock has a market capitalization of $2.64 billion, a PE ratio of 59.15, a price-to-earnings-growth ratio of 0.30 and a beta of 2.34. Digital Turbine has a 52 week low of $21.60 and a 52 week high of $93.98. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.70.

About Digital Turbine (Get Rating)

Digital Turbine, Inc, through its subsidiaries, provides media and mobile communication products and solutions for mobile operators, application advertisers, publishers, device original equipment manufacturers (OEMs), and other third parties. Its application media software platform that enables mobile operators and OEMs to control, manage, and monetize devices.

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