Why Digital Turbine Stock Jumped 25% in November
Shares of Digital Turbine (NASDAQ: APPS) jumped 25.1% in November, according to data provided by S&P Global Market Intelligence. The stock was actually up even more than this on a single day in November, following the release of its latest quarterly financial results. It seems the company met low expectations with impressive results that drove the stock's performance.
Let's use commentary from Craig-Hallum analyst Anthony Stoss to frame this conversation. Digital Turbine released financial results for the second quarter of its fiscal 2023 on Nov. 9. And following this report, Stoss gave Digital Turbine stock a price target of $30 per share, citing the company's strengthening profit margins in a weakening macro-economic environment, according to The Fly.
Regarding the weakening macro-economic environment, Digital Turbine is undoubtedly feeling it. Q2 revenue of $175 million was down 7% from the same quarter last year. And for the third quarter, management is guiding for $190 million in revenue at best, which would also be down year over year.
Source Fool.com
