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Shares of digital turbine (NASDAQ:APPLICATIONS) are climbing today after the technology company announced that it had agreed to undertake a “multi-year strategic partnership with” alphabetical (NASDAQ:GOOGNASDAQ:GOOGL)Google. Digital Turbine’s technology improves mobile ads and mobile traffic monetization. In early trading, APPS stock rose 4% to $66 in well above normal volume.
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Digital Turbine did not disclose the financial terms of the alliance. However, here are seven things we know about the deal.
- Digital Turbine will collaborate with Google Cloud partner, SADA.
- Digital Turbine and SADA will try to rapidly 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 “partners”.
- Digital Turbine will use Google’s “advanced cloud and enterprise infrastructure”.
- The company will, for the first time, improve the “mobile experiences” of Android users overseas.
- Specifically, Digital Turbine will enable “app discovery for nearly one billion Android devices worldwide.”
- Digital Turbine will support “mobile, TV and connected devices” that use Android.
Other Things to Know About Stock APPS
Over the past month, APPS stock has rebounded more than 20%. However, the shares are still down almost 30% from their peak in late October. The stock now has a market capitalization of nearly $6.4 billion and trades at a high, but not huge, price-to-sell ratio of 7.45.
In addition, institutional investors own 75% of the shares. Among the largest institutional owners of the stock, as of September 29, were black rock (NYSE:BLACK) 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 JP Morgan (NYSE:JPM), which held 1.86% of the company.
As of the date of publication, Larry Ramer had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.
The APPS Stock Alert: 7 Things to Know About Google Deal Goosing Digital Turbine Shares Today appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
