Here’s Why Digital Turbine (APPS) Declined in Q3

Greenhaven Road Capital, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund declined in the third quarter, bringing the year-to-date returns to approximately -59%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Greenhaven Road Capital highlighted stocks like Digital Turbine, Inc. (NASDAQ:APPS) in its third-quarter investor letter. Headquartered in Austin, Texas, Digital Turbine, Inc. (NASDAQ:APPS) provides a platform for advertisers, publishers, carriers, and device original equipment manufacturers. On November 25, 2022, Digital Turbine, Inc. (NASDAQ:APPS) stock closed at $17.33 per share. One-month return of Digital Turbine, Inc. (NASDAQ:APPS) was 18.70% and its shares lost 68.03% of their value over the last 52 weeks. Digital Turbine, Inc. (NASDAQ:APPS) has a market capitalization of $1.716 billion.

Greenhaven Road Capital made the following comment about Digital Turbine, Inc. (NASDAQ:APPS) in its Q3 2022 investor letter:

“Secondly, with the benefit of hindsight, Digital Turbine, Inc. (NASDAQ:APPS) should have been sized smaller. The combination of the cyclical nature of the advertising business, the execution risk in combining companies, and the fact that too large a portion of 2022 growth was to come from two customers (AT&T and Verizon) created many potential air pockets that have had a negative impact.”

Digital Turbine, Inc. (NASDAQ:APPS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Digital Turbine, Inc. (NASDAQ:APPS) at the end of the third quarter, which was 27 in the previous quarter.

We discussed Digital Turbine, Inc. (NASDAQ:APPS) in another article and shared the best advertising stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 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.