The stock of Digital Turbine, Inc. (NASDAQ:APPS) is now priced at $24.19 and the shares are 0.21 points up or 0.88% higher compared to its previous closing price of $23.98. The stock had 5.705 million contracts set over the past session. APPS shares’ daily volume is compared to its average trading volume at 3.688 million shares. However, it has a float of 83.87 million and although its performance was -5.88% over the week, it’s one to watch. Analysts have given the APPS stock a yearly average price target of $23.43 per share. It means the stock’s downside potential is -3.14% with the APPS share price recently placing at $23.55 to $25.45. However, some brokerage firms have priced the stock below the average, including one that has called $21.
The shorts are running away from the Digital Turbine, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the APPS shares have declined. Short interest in the stock represents just 5.07% of its float, but the volume has dropped by -182957. The volume of shorted shares dropped to 4.255 million from 4.438 million shares over the last two weeks. The average intraday trading volume has been 5.291 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Digital Turbine, Inc. (NASDAQ:APPS) dropped by -$1.51 over the week and gained $9.31 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $29.56. The stock recorded its established 52-week high on 08/21/20.
Since 03/18/20, the stock has traded to a low of $3.48 at 595.11%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.14. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Digital Turbine, Inc.’s two-week RSI is 60.6. This suggests that the stock is neutral at the moment and that APPS shares’ price movement remains stable. The stochastic readings are equally revealing at 26.5% meaning the APPS share price is currently in overbought territory.
The technical chart shows that the APPS stock will likely settle at between $25.24 and $26.3 per share. However, if the stock dips below $23.34, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $22.5.
Currently, the stock is trading in the red of MACD, with a reading of -1.78. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Ladenburg Thalmann raised their recommendation for APPS from Neutral to Buy in August 06 review. Craig Hallum analysts see the stock as a Buy, but they also raised the share’s target price from $15 to $24 in a flash note released to investors on August 06. Ladenburg Thalmann seeing the stock struggling downgraded it from Buy to Neutral on July 07 placing it at $12.25.
The average rating for the APPS equity is 1.71 and is currently gathering a bullish momentum. Of 7 analysts tracking Digital Turbine, Inc. polled by Reuters, 0 rated APPS as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the APPS stock price is 41.71X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Digital Turbine, Inc. (NASDAQ:APPS) will decrease by about -99.9%, which will see them reach $60.46 million. The company’s full-year revenues are, however, expected to increase by about 76.13%, up from $139 million to $244 million. APPS’s expected adjusted earnings should surge almost 120% to end up at $0.11 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 130% to record $0.46/share.