Digital Turbine (NASDAQ:APPS) Shares Gap Up on Better-Than-Expected Earnings

Digital Turbine, Inc. (NASDAQ:APPS)’s share price gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $4.68, but opened at $4.90. Digital Turbine shares last traded at $4.97, with a volume of 708,030 shares.

The software maker reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.05. The business had revenue of $119.15 million for the quarter, compared to analyst estimates of $116.64 million. Digital Turbine had a positive return on equity of 1.82% and a negative net margin of 18.61%. During the same period in the previous year, the firm earned $0.12 EPS.

Wall Street Analyst Weigh In

APPS has been the topic of a number of recent analyst reports. Craig Hallum boosted their target price on Digital Turbine from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Tuesday. Wall Street Zen lowered Digital Turbine from a “hold” rating to a “sell” rating in a report on Monday, March 24th.

Institutional Trading of Digital Turbine

Several institutional investors have recently added to or reduced their stakes in the company. DLD Asset Management LP bought a new stake in Digital Turbine in the 1st quarter valued at $272,000. Strs Ohio bought a new stake in Digital Turbine in the 1st quarter valued at $41,000. S Squared Technology LLC boosted its stake in Digital Turbine by 241.2% in the 1st quarter. S Squared Technology LLC now owns 730,326 shares of the software maker’s stock valued at $1,983,000 after purchasing an additional 516,266 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Digital Turbine by 74.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,021,687 shares of the software maker’s stock valued at $2,774,000 after acquiring an additional 437,310 shares during the period. Finally, Tenzing Global Management LLC bought a new stake in shares of Digital Turbine during the 1st quarter valued at $950,000. 63.66% of the stock is currently owned by institutional investors.

Digital Turbine Trading Up 56.8%

The business has a 50-day moving average price of $4.03 and a two-hundred day moving average price of $3.22. The stock has a market capitalization of $791.78 million, a P/E ratio of -8.47 and a beta of 2.58. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 2.50.

About Digital Turbine

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.