The Vanguard Group, Inc. recently announced the acquisition of new stake in Digital Turbine Inc (NASDAQ:APPS). The institutional investor has increased its shareholding in the Technology company by 0.20% to 12.01 million shares with purchase of 23541.0 shares. This fresh investment now brings its stake to 11.95% valued currently at $56.91 million. In addition, SSgA Funds Management, Inc. raised its holdings by 88368.0 to 3.76 million shares. And American Century Investment Manag has lifted its position by 0.04% or 869.0 shares – to 2.33 million shares.
With over 9.13 million Digital Turbine Inc (APPS) shares trading Tuesday and a closing price of $6.47 on the day, the dollar volume was approximately $59.09 million. The shares have shown a negative half year performance of -29.83% and its price on 12/12/23 gained nearly 6.07%. Currently, there are 99.46M common shares owned by the public and among those 91.03M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for APPS have a consensus price objective of $7.32. The analysts have set the share’s price value over the next 12 months at a high of $12.00 and a low of $5.00. The average price target is 11.61% above its recent price level and a downside to the estimated low will see the stock lose -29.4% over that period. But an upside of 46.08% will see the stock hit the forecast high price target while median target price for the stock is $5.50.
Insiders at the company have transacted a total of 117 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 37 of these insider trades were purchases, accounting for 1,035,704 shares. Insider sales of the common stock occurred on 80 occasions, with total insider shares sold totaling 676,969 shares.
The top 3 mutual fund holders in Digital Turbine Inc are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. iShares Core S&P Small Cap ETF owns 6.11 million shares of the company’s stock, all valued at over $28.97 million. The company sold 1126.0 shares recently to bring their total holdings to about 6.08% of the shares outstanding. Vanguard Small Cap Index Fund bought 1194.0 shares to bring its total holdings to over 2.45 million shares at a value of $11.63 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.44% of the shares outstanding.
Shares of Digital Turbine Inc (NASDAQ: APPS) opened at $6.24, up $0.14 from a prior closing price of $6.10. However, the script later moved the day high at 7.01, up 6.07%. The company’s stock has a 5-day price change of 12.33% and -6.77% over the past three months. APPS shares are trading -57.55% year to date (YTD), with the 12-month market performance down to -60.57% lower. It has a 12-month low price of $4.10 and touched a high of $18.76 over the same period. APPS has an average intraday trading volume of 1.70 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 22.17%, 23.06%, and -27.22% respectively.
Institutional ownership of Digital Turbine Inc (NASDAQ: APPS) shares accounts for 66.54% of the company’s 99.46M shares outstanding. Mutual fund holders own 25.59%, while other institutional holders and individual stakeholders account for 41.66% and 11.58% respectively.
It has a market capitalization of $655.48M and a beta (3y monthly) value of 2.62. The earnings-per-share (ttm) stands at -$1.79. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.84% over the week and 6.66% over the month.
Analysts forecast that Digital Turbine Inc (APPS) will achieve an EPS of $0.17 for the current quarter, $0.13 for the next quarter and $0.7 for 2025. The lowest estimate earnings-per-share for the quarter is $0.16 while analysts give the company a high EPS estimate of $0.18. Comparatively, EPS for the current quarter was $0.29 a year ago. Earnings per share for the fiscal year are expected to decrease by -46.72%, and 14.88% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Digital Turbine Inc (APPS) as a “Moderate Buy” at a consensus score of 2.43. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 5 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the APPS, a number of firms have released research notes about the stock. BofA Securities stated their Neutral rating for the stock in a research note on September 14, 2023, with the firm’s price target at $12-$8.
