Digital Turbine (NASDAQ:APPS) Announces Earnings Results, Beats Expectations By $0.09 EPS

Digital Turbine (NASDAQ:APPS) released its earnings results on Tuesday. The software maker reported $0.15 EPS for the quarter, beating the consensus estimate of $0.06 by $0.09, Manual reports. Digital Turbine had a negative net margin of 14.59% and a positive return on equity of 12.12%. The company had revenue of $140.38 million for the quarter, compared to analyst estimates of $142.00 million.

Digital Turbine Price Performance

Shares of NASDAQ:APPS traded down $0.32 during trading on Friday, hitting $5.95. 2,292,767 shares of the company’s stock were exchanged, compared to its average volume of 5,229,125. The business’s 50-day simple moving average is $5.80 and its 200 day simple moving average is $5.10. The company has a market cap of $666.73 million, a price-to-earnings ratio of -8.16, a PEG ratio of 4.66 and a beta of 2.55. Digital Turbine has a 52-week low of $1.18 and a 52-week high of $8.28. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.10 and a quick ratio of 1.09.

Institutional Investors Weigh In On Digital Turbine

Several hedge funds and other institutional investors have recently made changes to their positions in APPS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Digital Turbine by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,539 shares of the software maker’s stock worth $156,000 after acquiring an additional 2,449 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Digital Turbine by 74.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,021,687 shares of the software maker’s stock worth $2,774,000 after purchasing an additional 437,310 shares during the period. Strs Ohio acquired a new position in Digital Turbine in the 1st quarter worth approximately $41,000. Creative Planning raised its position in Digital Turbine by 39.2% during the 2nd quarter. Creative Planning now owns 21,289 shares of the software maker’s stock worth $126,000 after buying an additional 5,991 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Digital Turbine by 272.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 686,327 shares of the software maker’s stock worth $4,049,000 after buying an additional 501,829 shares during the last quarter. Hedge funds and other institutional investors own 63.66% of the company’s stock.

Analysts Set New Price Targets

APPS has been the topic of several analyst reports. Wall Street Zen cut Digital Turbine from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Craig Hallum reaffirmed a “buy” rating and set a $10.00 price objective on shares of Digital Turbine in a research report on Wednesday. Bank of America upgraded Digital Turbine from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $4.50 to $5.50 in a report on Wednesday, August 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Digital Turbine in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Digital Turbine currently has an average rating of “Hold” and an average target price of $7.75.

Digital Turbine Company 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.