Digital Turbine (NASDAQ:APPS) Hits New 1-Year Low on Analyst Downgrade

Shares of Digital Turbine, Inc. (NASDAQ:APPS – Get Rating) reached a new 52-week low on Thursday after Bank of America lowered their price target on the stock from $16.00 to $13.00. The company traded as low as $8.50 and last traded at $8.95, with a volume of 5760370 shares changing hands. The stock had previously closed at $14.43.

A number of other research firms have also weighed in on APPS. Roth Mkm lowered Digital Turbine from a “buy” rating to a “neutral” rating and dropped their target price for the company from $15.00 to $10.00 in a report on Thursday. Oppenheimer lowered Digital Turbine from an “outperform” rating to a “market perform” rating in a report on Thursday, February 9th. B. Riley dropped their price target on Digital Turbine from $12.00 to $9.00 and set a “neutral” rating on the stock in a report on Monday, March 13th. Macquarie lowered Digital Turbine from an “outperform” rating to a “neutral” rating and set a $12.00 price target on the stock. in a report on Friday, February 17th. Finally, Craig Hallum dropped their price target on Digital Turbine from $25.00 to $20.00 in a report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $14.71.

Insiders Place Their Bets

In other Digital Turbine news, CEO William Gordon Stone III sold 35,000 shares of the firm’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $10.54, for a total value of $368,900.00. Following the completion of the sale, the chief executive officer now directly owns 1,647,789 shares of the company’s stock, valued at $17,367,696.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Digital Turbine news, CEO William Gordon Stone III sold 35,000 shares of the firm’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $10.54, for a total value of $368,900.00. Following the completion of the sale, the chief executive officer now directly owns 1,647,789 shares of the company’s stock, valued at $17,367,696.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert M. Deutschman bought 15,000 shares of the firm’s stock in a transaction on Monday, March 13th. The stock was purchased at an average cost of $9.80 per share, with a total value of $147,000.00. Following the completion of the transaction, the director now directly owns 289,017 shares of the company’s stock, valued at $2,832,366.60. The disclosure for this purchase can be found here. Company insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Digital Turbine

Several hedge funds have recently made changes to their positions in APPS. Rice Hall James & Associates LLC purchased a new position in shares of Digital Turbine in the first quarter valued at $21,530,000. Raymond James & Associates grew its position in shares of Digital Turbine by 37.6% in the first quarter. Raymond James & Associates now owns 53,074 shares of the software maker’s stock valued at $2,325,000 after purchasing an additional 14,493 shares in the last quarter. American Century Companies Inc. grew its position in shares of Digital Turbine by 39.4% in the first quarter. American Century Companies Inc. now owns 27,009 shares of the software maker’s stock valued at $1,183,000 after purchasing an additional 7,634 shares in the last quarter. Cetera Advisor Networks LLC purchased a new position in shares of Digital Turbine in the first quarter valued at $324,000. Finally, Rhumbline Advisers grew its position in shares of Digital Turbine by 3.4% in the first quarter. Rhumbline Advisers now owns 239,498 shares of the software maker’s stock valued at $10,492,000 after purchasing an additional 7,843 shares in the last quarter. 62.45% of the stock is currently owned by hedge funds and other institutional investors.

Digital Turbine Price Performance

The business has a 50 day simple moving average of $12.09 and a two-hundred day simple moving average of $13.90. The firm has a market capitalization of $816.42 million, a P/E ratio of 16.80, a price-to-earnings-growth ratio of 1.53 and a beta of 2.47. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.18 and a current ratio of 1.18.

Digital Turbine Company Profile

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Digital Turbine, Inc engages in the innovation of media and mobile communications which help to deliver an end-to-end platform solution for mobile operators, application developers, device original equipment manufacturers (OEM), and other third parties. It operates through the Following Segments: On Device Media (ODM), In App Media-AdColony (IAM-A) and In App Media-Fyber (IAM-F).