Digital Turbine shares sink after disappointing results, forecast

Digital Turbine

08/02/2024 17:46

** Shares of Digital Turbine  APPS.O  were down more than 20% on
Thurs and hit their lowest level since April 2020, a day after
the company reported weaker-than-expected EPS and rev in its
quarterly results and gave a disappointing 2024 forecast
    ** At least two brokerages cut their target prices on
Digital Turbine following the results, including BofA Global
Research, which lowered its price objective on the stock to $6
from $7
    ** Its median price target is $5.00, according to the latest
LSEG data, stock last at $3.97 after falling as low as $3.72
    ** "Results were below expectations as weaker device sales
weighed on F3Q results and its forward outlook," Roth MKM
analysts wrote in a note. "There is little to suggest a
reversion in device trends in the U.S., in particular, but APPS
continues to grow with new devices..."
    ** Including the session move, the stock is down about 42%
YTD compared with a more than 5% gain in the Nasdaq  .IXIC 

 (Reporting by Caroline Valetkevitch)
 ((caroline.valetkevitch@thomsonreuters.com))