APPS Stock Price Up on Analysts Raising Price Target to $60

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Digital Turbine (APPS) has become of the most explosive stocks on the market.

APPS, which provides media and mobile communication solutions for mobile operators, application developers, device original equipment manufacturers, and other third parties worldwide, has seen its stock run from a low of $12 to $56.40 since late July 2020.

Helping APPS quite a bit, analysts at Craig-Hallum reiterated a buy rating on APPS, and increased its price target from $44 to $60. 

“We think APPS is becoming the ROKU of smartphones. APPS has established itself as the Switzerland of app platforms. App developers can pay APPS to include their app on a smartphone’s initial setup for a new customer. APPS allows app developers to target specific customers across AT&T and Verizon,” noted the firm, as quoted by Street Insider. 

In addition, “As of September 22nd APPS was awarded their Single Tap patent, which allows users to download an app from the current app they are in. Previously, users would click to download an app and be brought to the Google Store to download the app they want. Single Tap will make it easier for users to download apps by taking out a step in the process.”

Digital Turbine Revenue Up 116% Year over Year

For second quarter 2021, “revenue totaled $70.9 million, representing an increase of 116% as compared to total revenue reported in the fiscal second quarter of 2020.  Application Media revenue increased 50% year-over-year to $49.1 million in the fiscal second quarter of 2021.  Content Media revenue, which primarily included revenue related to the February 2020 acquisition of Mobile Posse, Inc., totaled $21.8 million in the fiscal second quarter of 2021,” as noted in a company press release.

Going forward, the company expects to see revenue of between $72 million and $75 million for its fiscal third quarter of 2021.

Ian Cooper’s Personal Position in APPS: None

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