On September 24, 2023, it was reported that Pacer Advisors Inc. had reduced its stake in Digital Turbine, Inc. by 5.6% during the second quarter. According to the company’s recent filing with the Securities and Exchange Commission (SEC), Pacer Advisors Inc. now owns 955,461 shares of Digital Turbine’s stock after selling 56,635 shares during the period. This represents a decrease in ownership to 0.96% of Digital Turbine’s total worth, which amounts to $8,867,000 at the end of the reporting period.
Digital Turbine (NASDAQ:APPS) is a software maker that recently announced its earnings results on August 8th. For the quarter, the company reported earnings per share (EPS) of $0.08, surpassing market expectations by $0.01. Additionally, Digital Turbine demonstrated a positive return on equity of 10.47%, despite a negative net margin of 1.03%. The business generated revenue of $146.37 million during the quarter compared to consensus estimates of $143.06 million.
Analysts predict that Digital Turbine will achieve an EPS of 0.32 for the current fiscal year.
The reduction in stake held by Pacer Advisors Inc., although moderate at 5.6%, indicates a shift in their investment strategy regarding Digital Turbine, Inc.’s stock. This move may suggest varying factors influencing their decision-making process such as changing market conditions or altering investment priorities.
Analyzing Pacer Advisors’ decision provides insight into their evaluation of Digital Turbine’s performance as an investment opportunity within the software industry sector vis-à-vis other available options.
It is important to note that this information is based on publicly available data and should not be considered as financial advice for individual investors or businesses looking to make investment decisions. It is always recommended to conduct thorough research and analysis before making any investment choices.
This news comes at a time when investors and stakeholders are closely monitoring the performance of Digital Turbine, Inc., as well as other key players within the software industry. The financial landscape is constantly evolving, and market participants need to stay informed about developments, including changes in ownership positions and earnings reports, to navigate the market successfully.
As always, past performance does not guarantee future results, and potential investors should carefully consider their own financial goals and risk tolerance before making any investment decisions.
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Hedge Funds Boost Stake in Digital Turbine, Analysts Mixed on Company’s Performance
In recent months, several hedge funds have been making strategic changes to their positions in Digital Turbine, a software maker company. Notably, BlackRock Inc. has increased its stake in the company by 2.4% during the third quarter. This move has resulted in BlackRock now owning 14,652,447 shares of Digital Turbine’s stock, which is estimated to be valued at $211,141,000. The increase in shares was achieved through acquiring an additional 346,489 shares in the last quarter.
Similarly, Vanguard Group Inc., another prominent institutional investor, has raised its stake in Digital Turbine by 8.6% during the same period. As a result of this maneuvering, Vanguard Group now owns 10,649,564 shares of the software maker’s stock valued at $153,461,000 after adding an additional 843,856 shares to their portfolio from Q3.
Granahan Investment Management LLC also made adjustments to its stake by raising it by a significant 28.1% during the first quarter. The firm now owns a total of 4,408,860 shares valued at $54,494,000 after acquiring an impressive additional 968,396 shares.
State Street Corp is yet another player that joined the ranks of institutions increasing their holdings in Digital Turbine during the first quarter. State Street Corp added an extra 267,208 shares to their existing stake during this period. Consequently,the firm now owns approximately 3 ,480 ,223shares of Digital Turbine’s stock valued at roughly$43 ,015 ,000 .
American Century Companies Inc., with its own contribution towards boosting its holdings in Digital Turbine over time.The American-based firm experienced a raise of 13.4% duringthe same period in thus continuing its investment strides.Given these figures,it currently possesses some2 ,428 ,467shares priced around$30 ,016 ,000of Digital Turbine’s stock.
When examining the ownership landscape, it becomes apparent that institutional investors collectively own about 64.64% of the company’s stock. This trend highlights how these entities have recognized Digital Turbine as an attractive investment opportunity and positioned themselves accordingly.
Analysts have also weighed in on Digital Turbine, offering their assessments of the company’s performance. StockNews.com released a research note on Thursday, August 17th, initiating coverage with a “sell” rating. Another influential player, Bank of America, downgraded Digital Turbine from a “buy” to a “neutral” rating while reducing their price target for the stock from $12.00 to $8.00 on Thursday, September 14th. Lastly, TheStreet downgraded the company from a “c” to a “d+” rating in their report on Wednesday, August 9th. Overall,Bloomberg.com reports that analysts have given Digital Turbine a consensus rating of “Hold” and an average target price of $14.00.
In related news, Director Robert M. Deutschman made a substantial purchase of 20,000 shares of Digital Turbine stock on Thursday, September 14th at an average cost of $6.44 per share, amounting to approximately $128,800 in total value. Following this acquisition, Mr.Deutschman now holds directly approximately350 ,055of shares in the company with an estimated valuation around$2 ,254 ,354 .20 .
On the other side of transactions is CEO William Gordon Stone III who sold30 ,000shares of Digital Turbine’s stock separatelyon Wednesday , September 13 th .The sale was made at an average price per shareof$7 .05 ,resulting in a total transaction valueofapproximately$211 ,500.Thus,following this sale,the chief executive officer presently possesses virtually1 ,739 ,654shared valuingaround$12,264 ,560 .70.
In accordance with disclosure requirements,enforced by the Securities & Exchange Commission,a legal filing was made in relation to Mr.Deutschman’spurchasingactivity. This filing is accessible to the public through a designated hyperlink. Additionally, another form was submitted for the same transaction, disclosing all the necessary details regarding this purchase. Following this acquisition, Mr.Deutschman now possess350 ,055shares of Digital Turbine’s stock valuing around$2 ,254 ,354 .20.Furthermore,the filing reveals that approximately5.20%of the total shares are ownedbycompany insiders.
During Friday’S trading,reachingSeptember 24th ，Digital Turbine shares opened at $6.16.A less than impressive number considering thatthe firm’s price has fluctuated between a high of $20.40and a low of $6.16over the course of twelve months.From amarket capitalizationperspective,Digital Turbine amounts toapproximately $619,200,000.The unfavorableprice-to-earnings ratio stands at -87.99, bringing into question its stabilitythough having a relatively positive price-to-earnings-growth ratio of 2.60.Additionally,the company hasaverageachange in lock markets as they conducted businesswith aquick
