Do You Think Digital Turbine (APPS) Transitioned from a Growth Stock to a Value Stock?
Greenhaven Road Capital, an investment management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the Fund returned 8% net, bringing YTD net returns to over 25%. The firm believes its portfolio is a little stronger with each passing day despite the challenges. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Greenhaven Road Capital highlighted stocks like Digital Turbine, Inc. (NASDAQ:APPS) in the second quarter 2023 investor letter. Headquartered in Austin, Texas, Digital Turbine, Inc. (NASDAQ:APPS) is a mobile growth platform operator. On August 11, 2023, Digital Turbine, Inc. (NASDAQ:APPS) stock closed at $9.20 per share. One-month return of Digital Turbine, Inc. (NASDAQ:APPS) was -14.66%, and its shares lost 61.18% of their value over the last 52 weeks. Digital Turbine, Inc. (NASDAQ:APPS) has a market capitalization of $922.659 million.
Greenhaven Road Capital made the following comment about Digital Turbine, Inc. (NASDAQ:APPS) in its second quarter 2023 investor letter:
"It is an understatement to say that the past year-plus has been frustrating for Digital Turbine, Inc. (NASDAQ:APPS) shareholders (us). It has become a smaller position through price declines and sales of shares as uncertainty increased on both the potential for new initiatives as well as their timing.
I often reflect on what went wrong. How did this go from a growth stock to a value stock? There have been two causes, in my opinion. The first is that their product delivering content (not apps) on phones lost T-Mobile as a customer – sometimes we are one day closer to a bad outcome: the loss of a customer. The second, and bigger issue was with their SingleTap product. SingleTap is a technology that “enables smartphone users to instantly install an app to their Android device with a single tap…bypassing the noise of the app store environment, and dramatically increasing conversions.” The higher conversion rates mean lower costs per app install or app opening…” (Click here to read the full text)
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Digital Turbine, Inc. (NASDAQ:APPS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Digital Turbine, Inc. (NASDAQ:APPS) at the end of first quarter which was 22 in the previous quarter.
We discussed Digital Turbine, Inc. (NASDAQ:APPS) in another article and shared the list of stocks recently downgraded by analysts. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
