AlphaCrest Capital Management LLC Acquires Shares of 37,365 Digital Turbine, Inc. (NASDAQ:APPS)

Posted by Defense World Staff on Mar 10th, 2023

AlphaCrest Capital Management LLC acquired a new stake in Digital Turbine, Inc. (NASDAQ:APPS – Get Rating) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 37,365 shares of the software maker’s stock, valued at approximately $538,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Rice Hall James & Associates LLC bought a new position in shares of Digital Turbine in the first quarter valued at approximately $21,530,000. Raymond James & Associates lifted its holdings 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. lifted its holdings 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 bought a new position in shares of Digital Turbine in the first quarter valued at approximately $324,000. Finally, Rhumbline Advisers lifted its holdings in Digital Turbine by 3.4% during the first quarter. Rhumbline Advisers now owns 239,498 shares of the software maker’s stock worth $10,492,000 after acquiring an additional 7,843 shares during the period. Institutional investors and hedge funds own 62.45% of the company’s stock.

Digital Turbine Stock Performance

Digital Turbine stock opened at $10.13 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $1.00 billion, a P/E ratio of 20.67, a PEG ratio of 1.01 and a beta of 2.49. The stock’s 50 day moving average is $14.36 and its 200 day moving average is $15.50. Digital Turbine, Inc. has a twelve month low of $10.01 and a twelve month high of $47.47.

Digital Turbine (NASDAQ:APPS – Get Rating) last released its quarterly earnings results on Wednesday, February 8th. The software maker reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.09). Digital Turbine had a net margin of 7.14% and a return on equity of 21.20%. The firm had revenue of $162.31 million for the quarter, compared to the consensus estimate of $184.94 million. On average, equities research analysts predict that Digital Turbine, Inc. will post 0.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on APPS shares. Oppenheimer lowered Digital Turbine from an “outperform” rating to a “market perform” rating in a report on Thursday, February 9th. Craig Hallum lowered their target price on Digital Turbine from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, February 9th. Macquarie lowered Digital Turbine from an “outperform” rating to a “neutral” rating and set a $12.00 target price on the stock. in a research note on Friday, February 17th. B. Riley cut Digital Turbine from a “buy” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $16.00 in a research report on Wednesday, February 1st. Finally, StockNews.com cut Digital Turbine from a “hold” rating to a “sell” rating in a research report on Monday, February 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $19.33.

Insider Buying and Selling

In other news, CEO William Gordon Stone III sold 36,025 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $10.75, for a total transaction of $387,268.75. Following the completion of the transaction, the chief executive officer now owns 1,682,789 shares in the company, valued at $18,089,981.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.50% of the stock is owned by insiders.

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).