Digital Turbine Inc. (NASDAQ:APPS) has experienced a significant drop in short interest during the month of August. As of August 31st, the total number of shares sold short was 4,810,000, a decrease of 15.6% from the previous two weeks. Approximately 5.3% of the company’s shares are currently sold short. The short-interest ratio, which represents the number of days it would take for short sellers to cover their positions based on average daily volume, is currently 2.8 days.
In recent news, Digital Turbine CEO William Gordon Stone III sold 95,000 shares of the stock on September 15th, in a transaction valued at $639,350. Stone now directly owns 1,589,654 shares in the company, valued at $10,698,371.42. Additionally, Director Robert M. Deutschman acquired 20,000 shares of the company’s stock on September 14th, at an average price of $6.44 per share, totaling $128,800.
Institutional investors have also shown interest in Digital Turbine, with several hedge funds buying and selling shares of the company. Portside Wealth Group LLC purchased a new position in the second quarter worth approximately $928,000, while Narus Financial Partners LLC acquired a new position worth approximately $182,000. Virginia Retirement Systems ET AL and California State Teachers Retirement System also acquired positions in the second quarter.
Shares of Digital Turbine opened at $6.89 on September 22nd. The firm’s fifty-day moving average price is $9.39. Digital Turbine has a market capitalization of $692.58 million and a beta of 2.49.
Analysts have offered their perspectives on Digital Turbine, with some downgrading the stock to a “neutral” rating. However, one analyst has given it a buy rating. Digital Turbine operates as a mobile growth platform, offering application media and content media platforms to various publishers, carriers, OEMs, and devices.
– Securities and Exchange Commission (SEC)