Shares of Digital Turbine(NASDAQ:APPS) slid today though the tech firm announced that it had agreed to undertake a “multi-year strategic partnership” with Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) Google. Digital Turbine’s technology enhances mobile ads and the monetization of mobile traffic. In early trading, APPS stock is down 1.73% to $62.34 amid much higher than normal volume.
Digital Turbine did not disclose the financial terms of the alliance. However, here are seven things that we do know about the deal.
- Digital Turbine is going to collaborate with Google Cloud’s partner,SADA.
- Digital Turbine and SADA will attempt to quickly improve and geographically expand Google Cloud’s “enterprise and cloud solutions.”
- The two companies will also seek to develop additional “growth and monetization” opportunities for Google’s “partners.”
- Digital Turbine will use Google’s “advanced cloud and enterprise infrastructure.”
- The company will, for the first time, enhance the “mobile experiences” of overseas Android users.
- More specifically, Digital Turbine will enable “app discovery for nearly a billion Android devices globally.”
- Digital Turbine will be supporting “mobile, TV and connected devices” that utilize Android.
Other Things to Know About APPS Stock
In the last month, APPS stock has rallied over 20%. However, shares are still down nearly 30% from their late October peak. The stock now has a market capitalization of nearly $6.4 billion and is trading at a hefty, but not huge, trailing price-to-sales ratio of 7.45.
Additionally, institutional investors hold 75% of the shares. Among the largest institutional owners of the stock, as of Sept. 29, were Blackrock(NYSE:BLK) with a 10% stake,Wellington Management Group with a 6.55% stake,Vanguard Group with a 9.17% stake,State Street(NYSE:STT) with a 2.86% stake, and JPMorgan(NYSE:JPM), which owned 1.86% of the company.