Renaissance Technologies LLC Trims Stake in Digital Turbine Inc (APPS)

Renaissance Technologies LLC trimmed its stake in shares of Digital Turbine Inc (NASDAQ:APPS) by 87.6% during the second quarter, HoldingsChannel reports. The firm owned 176,200 shares of the software maker’s stock after selling 1,246,200 shares during the period. Renaissance Technologies LLC’s holdings in Digital Turbine were worth $266,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Millennium Management LLC raised its stake in shares of Digital Turbine by 397.9% during the first quarter. Millennium Management LLC now owns 1,549,547 shares of the software maker’s stock worth $3,115,000 after buying an additional 1,238,351 shares during the last quarter. United Services Automobile Association raised its stake in shares of Digital Turbine by 143.8% during the second quarter. United Services Automobile Association now owns 1,382,947 shares of the software maker’s stock worth $2,088,000 after buying an additional 815,677 shares during the last quarter. P.A.W. Capital Corp raised its stake in shares of Digital Turbine by 71.4% during the second quarter. P.A.W. Capital Corp now owns 1,200,000 shares of the software maker’s stock worth $1,812,000 after buying an additional 500,000 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Digital Turbine by 297.2% during the first quarter. JPMorgan Chase & Co. now owns 482,504 shares of the software maker’s stock worth $970,000 after buying an additional 361,016 shares during the last quarter. Finally, Unterberg Capital LLC raised its stake in shares of Digital Turbine by 16.7% during the second quarter. Unterberg Capital LLC now owns 2,100,000 shares of the software maker’s stock worth $3,171,000 after buying an additional 300,000 shares during the last quarter. Institutional investors own 26.45% of the company’s stock.

In other news, Director Robert M. Deutschman bought 25,000 shares of the stock in a transaction on Tuesday, September 11th. The stock was purchased at an average price of $1.27 per share, with a total value of $31,750.00. Following the completion of the purchase, the director now owns 292,550 shares of the company’s stock, valued at $371,538.50. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Roy H. Chestnutt bought 20,000 shares of the stock in a transaction on Thursday, September 6th. The stock was purchased at an average cost of $1.32 per share, with a total value of $26,400.00. Following the purchase, the director now directly owns 66,763 shares of the company’s stock, valued at approximately $88,127.16. The disclosure for this purchase can be found here. 6.20% of the stock is currently owned by corporate insiders.

Shares of NASDAQ:APPS opened at $1.70 on Friday. Digital Turbine Inc has a 52 week low of $1.12 and a 52 week high of $2.59. The company has a current ratio of 0.82, a quick ratio of 0.80 and a debt-to-equity ratio of 0.16.

Digital Turbine (NASDAQ:APPS) last issued its earnings results on Thursday, August 9th. The software maker reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. Digital Turbine had a negative net margin of 38.14% and a negative return on equity of 15.28%. The firm had revenue of $22.11 million during the quarter, compared to the consensus estimate of $22.98 million. Equities research analysts predict that Digital Turbine Inc will post -0.02 EPS for the current fiscal year.

APPS has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Digital Turbine from a “sell” rating to a “buy” rating and set a $1.50 price target for the company in a research note on Tuesday, August 7th. National Securities set a $4.00 price target on shares of Digital Turbine and gave the stock a “buy” rating in a research note on Tuesday. TheStreet raised shares of Digital Turbine from a “d” rating to a “c” rating in a research note on Tuesday. Finally, ValuEngine downgraded shares of Digital Turbine from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Digital Turbine presently has a consensus rating of “Buy” and a consensus price target of $2.85.

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Digital Turbine Profile

Digital Turbine, Inc, through its subsidiaries, provides media and mobile communication solutions for mobile operators, application developers, device original equipment manufacturers, and other third parties worldwide. The company offers Ignite, a mobile application management software to control, manage, and monetize the applications that are installed on mobile devices and professional services directly related to the ignite platform.

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Institutional Ownership by Quarter for Digital Turbine (NASDAQ:APPS)

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