Bullish Signal Says Digital Turbine Stock Could Bounce Back

APPS already sports an impressive 897.6% year-over-year lead

Digital Content Manager
Mar 8, 2021 at 2:19 PM
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The shares of software concern Digital Turbine Inc (NASDAQ:APPS) are pulling back this afternoon, down 7.8% at $68.23 at last check. The equity has been struggling since acquiring Triapodi, a programmatic mobile advertising company, for $22.5 million. Still, the security is fresh off a March 2, all-time high of $102.55, and sports a jaw-dropping 897.6% year-over-year lead. The even better news is that that this recent tumble has positioned APPS near a historically bullish trendline, which could push it even higher over the next few weeks.

Specifically, Digital Turbine stock just came within one standard deviation of its 40-day moving average, after spending several months above this trendline. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, no fewer than seven similar signals have occurred in the past three years. The equity enjoyed a positive return one month later in 83% of those cases, averaging a whopping 46.6% gain for that period. From its current perch, a move of similar magnitude would put APPS over the $100 mark.

APPS 40 day

An unwinding of pessimism in the options pits could create additional tailwinds for the equity. This is per the APPS' 10-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 80% other readings from the past year. To put it simply, puts are being picked up at a faster-than-usual rate.

Now seems like an ideal opportunity to weigh in on Digital Turbine stock's next move with options. The equity's Schaeffer's Volatility Index (SVI) of 113% sits higher than just 23% of all other readings in its annual range. This suggests options players are pricing in lower-than-usual volatility expectations at the moment. What's more, the equity's Schaeffer's Volatility Scorecard (SVS) sits at 93 out of 100, indicating APPS has exceeded volatility expectations during the past year.

 

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