Stock traders are buying a high volume of put options on Digital Turbine (NASDAQ: APPS)

Digital Turbine, Inc. (NASDAQ:APPS – Get Rating) was the recipient of some unusual options trading activity on Monday. Traders acquired 58,108 put options on the company. This is a 388% increase from the average daily volume of 11,905 puts.

Institutional entries and exits

A number of large investors have recently increased or reduced their stake in the company. Russell Investments Group Ltd. increased its stake in Digital Turbine by 661.8% during the 4th quarter. Russell Investments Group Ltd. now owns 14,711 shares of the software maker worth $896,000 after buying an additional 12,780 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Digital Turbine during the fourth quarter worth approximately $237,000. Allspring Global Investments Holdings LLC acquired a new stake in Digital Turbine in the fourth quarter worth approximately $2,437,000. Commonwealth Equity Services LLC increased its stake in Digital Turbine by 16.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 29,781 shares of the software maker worth $1,816,000 after acquiring 4,112 additional shares in the last quarter. Finally, Yousif Capital Management LLC acquired a new position in shares of Digital Turbine during the fourth quarter at a value of $2,794,000. 63.38% of the shares are currently held by institutional investors and hedge funds.

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A number of stock analysts have recently released reports on the stock. Oppenheimer lowered his price target on Digital Turbine shares from $117.00 to $40.00 and set an “outperform” rating on the stock in a Wednesday, June 1 research note. B. Riley began coverage of Digital Turbine stocks in a research note on Tuesday, June 28. They set a “buy” rating and a price target of $29.00 on the stock. Craig Hallum lowered his target price on Digital Turbine shares from $105.00 to $85.00 in a Wednesday, June 1 research note. Finally, Macquarie lowered its price target on Digital Turbine shares from $70.00 to $40.00 and set an “outperform” rating for the company in a Wednesday, June 1 research note. One analyst rated the stock with a sell rating and five issued a buy rating for the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $71.00.

Digital Turbine Price Performance

NASDAQ APPS traded at $0.59 midday on Monday, hitting $23.47. The stock recorded a trading volume of 148,385 shares, compared to an average volume of 3,549,867 shares. The company’s 50-day moving average is $18.68 and its 200-day moving average is $31.44. The company has a debt ratio of 1.01, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $2.31 billion, a price/earnings ratio of 69.71, a PEG ratio of 0.60 and a beta of 2.41. Digital Turbine has a 12-month low of $14.43 and a 12-month high of $93.98.

Digital Turbine (NASDAQ:APPS – Get Rating) last reported results on Tuesday, May 31. The software maker reported earnings per share (EPS) of $0.35 for the quarter, beating the consensus estimate of $0.34 by $0.01. The company posted revenue of $184.14 million in the quarter, compared to $336.45 million expected by analysts. Digital Turbine had a return on equity of 30.00% and a net margin of 3.28%. The company’s quarterly revenue increased 93.7% year over year. During the same period of the previous year, the company achieved EPS of $0.24. Equity research analysts expect Digital Turbine to post 1.4 earnings per share for the current fiscal year.

About the digital turbine

(Get a rating)

Digital Turbine, Inc, through its subsidiaries, operates a mobile growth platform for advertisers, publishers, carriers and original equipment manufacturers (OEMs). The Company operates through three segments: On Device Media, In App Media – AdColony and In App Media – Fyber. Its application media platform provides mobile applications to various publishers, operators, equipment manufacturers and devices; and the content media platform offers news, weather, sports and other content, as well as programmatic advertising and sponsored and editorial content media.

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