Digital Turbine (NASDAQ:APPS) Shares Up 8.7%
Digital Turbine Inc (NASDAQ:APPS) shares shot up 8.7% during trading on Tuesday . The stock traded as high as $4.37 and last traded at $4.27, 2,084,644 shares traded hands during trading. A decline of 18% from the average session volume of 2,541,323 shares. The stock had previously closed at $3.93.
Several brokerages have commented on APPS. Canaccord Genuity lifted their target price on Digital Turbine from $8.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Zacks Investment Research raised Digital Turbine from a “hold” rating to a “buy” rating and set a $8.00 price objective for the company in a research report on Friday, March 6th. National Securities initiated coverage on Digital Turbine in a research report on Tuesday, December 17th. They issued a “buy” rating and a $11.00 price objective for the company. B. Riley lowered their price objective on Digital Turbine from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Monday. Finally, ValuEngine lowered Digital Turbine from a “hold” rating to a “sell” rating in a research report on Friday, March 13th. Two equities research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $8.30.
The company has a 50-day moving average price of $5.86 and a two-hundred day moving average price of $6.92. The stock has a market capitalization of $340.89 million, a P/E ratio of -48.44 and a beta of 1.46.
In related news, CEO William Gordon Stone III purchased 12,500 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was acquired at an average price of $7.02 per share, for a total transaction of $87,750.00. Also, CTO Christine Collins sold 20,000 shares of Digital Turbine stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $6.91, for a total value of $138,200.00. Following the transaction, the chief technology officer now owns 20,000 shares of the company’s stock, valued at approximately $138,200. The disclosure for this sale can be found here. Insiders purchased a total of 69,500 shares of company stock valued at $443,885 over the last ninety days. 5.80% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Man Group plc acquired a new position in Digital Turbine during the 3rd quarter valued at about $543,000. State Street Corp boosted its stake in shares of Digital Turbine by 30.9% in the 3rd quarter. State Street Corp now owns 1,724,788 shares of the software maker’s stock worth $11,116,000 after buying an additional 406,840 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of Digital Turbine by 5.6% in the 3rd quarter. California Public Employees Retirement System now owns 169,487 shares of the software maker’s stock worth $1,092,000 after buying an additional 9,054 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in shares of Digital Turbine in the 4th quarter worth approximately $76,000. Finally, California State Teachers Retirement System boosted its stake in shares of Digital Turbine by 2.6% in the 3rd quarter. California State Teachers Retirement System now owns 122,274 shares of the software maker’s stock worth $788,000 after buying an additional 3,138 shares during the last quarter. Institutional investors and hedge funds own 48.55% of the company’s stock.
About Digital Turbine (NASDAQ:APPS)
Digital Turbine, Inc, through its subsidiaries, provides media and mobile communication solutions for mobile operators, application developers, device original equipment manufacturers, and other third parties worldwide. The company offers Ignite, a mobile application management software to control, manage, and monetize the applications that are installed on mobile devices and professional services directly related to the ignite platform.
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