Point72 Asia Singapore Pte. Ltd. Lowers Stake in Digital Turbine, Inc. (NASDAQ:APPS)

Point72 Asia Singapore Pte. Ltd. reduced its position in shares of Digital Turbine, Inc. (NASDAQ:APPS) by 26.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,062 shares of the software maker’s stock after selling 25,832 shares during the quarter. Point72 Asia Singapore Pte. Ltd. owned 0.07% of Digital Turbine worth $218,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Acadian Asset Management LLC purchased a new stake in shares of Digital Turbine during the 2nd quarter worth about $594,000. Assenagon Asset Management S.A. acquired a new position in shares of Digital Turbine during the 2nd quarter worth about $589,000. AQR Capital Management LLC raised its position in shares of Digital Turbine by 97.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,533,969 shares of the software maker’s stock worth $2,546,000 after purchasing an additional 755,707 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Digital Turbine by 6.0% during the 1st quarter. Janus Henderson Group PLC now owns 239,595 shares of the software maker’s stock worth $628,000 after purchasing an additional 13,648 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new position in shares of Digital Turbine during the 2nd quarter worth about $725,000. 63.66% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Digital Turbine

In other news, Director Robert M. Deutschman acquired 100,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was acquired at an average cost of $1.41 per share, with a total value of $141,000.00. Following the transaction, the director now owns 571,216 shares in the company, valued at approximately $805,414.56. This trade represents a 21.22 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders acquired 127,000 shares of company stock valued at $175,610 in the last 90 days. Company insiders own 5.80% of the company’s stock.

Digital Turbine Stock Up 1.4 %

APPS stock opened at $1.48 on Thursday. The company has a market cap of $153.51 million, a price-to-earnings ratio of -0.50 and a beta of 2.37. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.24. Digital Turbine, Inc. has a 12 month low of $1.18 and a 12 month high of $7.33. The firm has a 50-day moving average of $2.48 and a two-hundred day moving average of $2.41.

Digital Turbine (NASDAQ:APPS) last announced its quarterly earnings results on Wednesday, November 6th. The software maker reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The firm had revenue of $118.70 million for the quarter, compared to analyst estimates of $125.85 million. Digital Turbine had a positive return on equity of 3.32% and a negative net margin of 61.17%. The firm’s quarterly revenue was down 17.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.04 EPS. As a group, analysts forecast that Digital Turbine, Inc. will post -0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

APPS has been the subject of several research analyst reports. Bank of America downgraded shares of Digital Turbine from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $3.50 to $1.00 in a research report on Friday, November 15th. Macquarie reduced their price target on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, Craig Hallum cut their price objective on shares of Digital Turbine from $5.00 to $4.00 and set a “buy” rating for the company in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.38.

Digital Turbine 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.