Digital Turbine

APPS • NASDAQ

Digital Turbine is a software - application company in the technology sector on NASDAQ, led by William Stone, with a market cap of $537.2M. As of Q3 2025, 60% of shares are held by 173 institutional investors, with VANGUARD GROUP INC as the largest holder at 8.37%.

CEOWilliam Stone

Market Cap$537.2M

Software - Application

Technology

Employees754.0

Websitedigitalturbine.com

Country

United States of America

Overview

Overview of institutional ownership in APPS as of Q3 2025 with a market cap of $693.6M

All Institutions

Institutions: 173
Value Held: $418.0M
Shares Held: 65.3M
Avg Position: $2.4M
Median Position: $217.7K

Hedge Funds

Hedge Funds: 23
Value Held: $76.1M
Shares Held: 11.9M
Avg Position: $3.3M
Median Position: $960.0K

Ownership Breakdown

Institutional (non-HF)

49.29%

$341.9M

Hedge Funds

10.97%

$76.1M

Retail & Other

39.74%

$275.6M

Based on market cap of $693.6M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in APPS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$58.1M 0.00% of portfolio	8.37% 9.1M shares	Q3 2013 Held for 12y 2m	$6.69T
B BlackRock, Inc. Institution	-	$55.8M 0.00% of portfolio	8.04% 8.7M shares	Q1 2017 Held for 8y 8m	$5.67T
GRANAHAN INVESTMENT MANAGEMENT INC/MA Long Only Manager	Jane Moran White CEO	$36.6M 1.50% of portfolio	5.27% 5.7M shares	Q1 2025 Held for 8 months	$2.4B
D D. E. Shaw & Co., Inc. Institution	-	$18.6M 0.02% of portfolio	2.68% 2.9M shares	Q4 2019 Held for 5y 11m	$115.81B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$18.4M 0.00% of portfolio	2.65% 2.9M shares	Q2 2019 Held for 6y 5m	$2.88T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$17.2M 0.00% of portfolio	2.48% 2.7M shares	Q1 2019 Held for 6y 8m	$1.33T
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$15.5M 0.01% of portfolio	2.24% 2.4M shares	Q3 2024 Held for 1y 2m	$158.92B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$15.5M 0.00% of portfolio	2.23% 2.4M shares	Q3 2013 Held for 12y 2m	$1.57T
G G2 Investment Partners Management LLC Hedge Fund•Long/Short	Joshua M Goldberg Managing Partner	$11.0M 2.35% of portfolio	1.59% 1.7M shares	Q2 2025 Held for 5 months	$467.4M
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$10.4M 0.00% of portfolio	1.50% 1.6M shares	Q1 2014 Held for 11y 8m	$1.65T

Net Capital Flow

Institutional buying and selling activity for APPS in Q3 2025

Traded: +$4.9M
Buyers: 86
Sellers: 72
Total Bought: +$85.5M
Total Sold: −$80.6M
Avg Position: $2.1M

Biggest Buyers

Institution	Net Bought	Current Position
GRANAHAN INVESTMENT MANAGEMENT INC/MA Long Only Manager	+$15.9M +2.5M shares	$36.6M 5.7M shares
A AIGH Capital Management LLC Hedge Fund•Long/Short	+$9.7M +1.5M shares	$9.7M 1.5M shares
B BlackRock, Inc. Institution	+$6.9M +1.1M shares	$55.8M 8.7M shares
S Squarepoint Ops LLC Hedge Fund•Quant	+$5.1M +800.4K shares	$6.2M 974.1K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$4.7M +737.6K shares	$5.1M 795.0K shares
SILVERCREST ASSET MANAGEMENT GROUP LLC RIA/Wealth	+$3.9M +610.2K shares	$3.9M 610.2K shares
M Manatuck Hill Partners, LLC Hedge Fund•Long/Short	+$3.8M +600.0K shares	$3.8M 600.0K shares
GOLDMAN SACHS GROUP INC Institution	+$3.0M +471.7K shares	$7.8M 1.2M shares
BANK OF AMERICA CORP /DE/ Institution	+$2.9M +459.6K shares	$17.2M 2.7M shares
Catalytic Wealth RIA, LLC RIA/Wealth	+$2.6M +406.1K shares	$2.6M 406.1K shares

Biggest Sellers

Institution	Net Sold	Current Position
Marshall Wace LLP Institution	−$14.5M −2.5M shares	Sold Off 0 shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	−$9.8M −1.7M shares	Sold Off 0 shares
D D. E. Shaw & Co., Inc. Institution	−$8.8M −1.4M shares	$18.6M 2.9M shares
HARBOR CAPITAL ADVISORS, INC. ETF Provider	−$7.9M −1.2M shares	$5.2M 808.2K shares
Invesco Ltd. ETF Provider	−$5.8M −905.6K shares	$2.5M 390.0K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$4.7M −733.7K shares	$15.5M 2.4M shares
R Russell Investments Group, Ltd. RIA/Wealth	−$3.4M −538.0K shares	$1.3M 204.7K shares
UBS Group AG Institution	−$2.4M −367.5K shares	$917.2K 143.3K shares
J JANE STREET GROUP, LLC Institution	−$2.3M −359.7K shares	$855.8K 133.7K shares
EAM Investors, LLC Long Only Manager	−$2.2M −367.6K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited APPS in Q3 2025

New Positions: 6
New Value: $6.5M
Exited Positions: 26
Exited Value: $35.0M

New Positions

Institution	Position Value
SILVERCREST ASSET MANAGEMENT GROUP LLC RIA/Wealth	$3.9M 610.2K shares
Catalytic Wealth RIA, LLC RIA/Wealth	$2.6M 406.1K shares
Strategic Wealth Partners, Ltd. RIA/Wealth	$13.5K 2.1K shares
Quaker Wealth Management, LLC RIA/Wealth	$3.8K 600.0 shares
SRS Capital Advisors, Inc. RIA/Wealth	$2.8K 430.0 shares
C C M BIDWELL & ASSOCIATES LTD Institution	$832.0 130.0 shares

Exited Positions

Institution	Previous Position
Marshall Wace LLP Institution	$14.5M 2.5M shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	$9.8M 1.7M shares
EAM Investors, LLC Long Only Manager	$2.2M 367.6K shares
A AXA Institution	$1.4M 243.1K shares
A AMERICAN CENTURY COMPANIES INC Institution	$1.2M 204.9K shares
Allspring Global Investments Holdings, LLC Long Only Manager	$1.1M 191.2K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$777.6K 131.8K shares
Calamos Advisors LLC Long Only Manager	$775.6K 131.5K shares
E Employees Retirement System of Texas Institution	$593.8K 100.6K shares
McElhenny Sheffield Capital Management, LLC Long Only Manager	$410.5K 399.0 shares

Options Activity

Institutions with the largest Call and Put options positions in APPS as of Q3 2025

Call Positions: 10
Call Value: $12.4M
Put Positions: 9
Put Value: $4.4M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$6.1M 9.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.6M 4.1K contracts
P PEAK6 LLC Institution	$1.6M 2.4K contracts
W WOLVERINE TRADING, LLC Institution	$968.2K 1.6K contracts
C Cubist Systematic Strategies, LLC Institution	$750.7K 1.2K contracts
J JANE STREET GROUP, LLC Institution	$195.8K 306.0 contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$182.4K 285.0 contracts
Walleye Trading LLC RIA/Wealth	$65.3K 102.0 contracts
M MYDA Advisors LLC Hedge Fund•Long/Short	- - contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.3M 2.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.2M 1.9K contracts
J JANE STREET GROUP, LLC Institution	$895.4K 1.4K contracts
D D. E. Shaw & Co., Inc. Institution	$320.0K 500.0 contracts
C Cubist Systematic Strategies, LLC Institution	$276.5K 432.0 contracts
W WOLVERINE TRADING, LLC Institution	$249.5K 420.0 contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$100.5K 157.0 contracts
Walleye Trading LLC RIA/Wealth	$16.6K 26.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

Institutions with APPS as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
P P.A.W. CAPITAL CORP Hedge Fund•Long/Short	Peter Allen Wright CEO	3.77% $2.1M	0.30% 325.0K shares	Q1 2014 Held for 11y 8m	$55.2M
A AIGH Capital Management LLC Hedge Fund•Long/Short	Orin Zvi Hirschman Managing Partner	3.07% $9.7M	1.41% 1.5M shares	Q3 2024 Held for 1y 2m	$317.0M
G G2 Investment Partners Management LLC Hedge Fund•Long/Short	Joshua M Goldberg Managing Partner	2.35% $11.0M	1.59% 1.7M shares	Q2 2025 Held for 5 months	$467.4M
PERKINS CAPITAL MANAGEMENT INC RIA/Wealth	Harry Allen Lee Lindberg President	2.18% $2.5M	0.36% 386.1K shares	Q4 2023 Held for 1y 11m	$113.5M
Worth Venture Partners, LLC Fund of Funds	David Alexander Wertentheil CEO	2.00% $405.6K	0.06% 63.4K shares	Q4 2024 Held for 11 months	$20.3M
GRANAHAN INVESTMENT MANAGEMENT INC/MA Long Only Manager	Jane Moran White CEO	1.50% $36.6M	5.27% 5.7M shares	Q1 2025 Held for 8 months	$2.4B
T Tenzing Global Management, LLC Hedge Fund•Long/Short	Chetan Ovinder Kapoor CEO	1.46% $2.1M	0.30% 325.0K shares	Q1 2025 Held for 8 months	$142.4M
S S Squared Technology, LLC Hedge Fund•Long/Short	Kenneth A Goldblatt Managing Partner	1.41% $3.7M	0.53% 578.6K shares	Q2 2014 Held for 11y 5m	$263.0M
M Manatuck Hill Partners, LLC Hedge Fund•Long/Short	Mark Allen Broach Managing Partner	1.36% $3.8M	0.55% 600.0K shares	Q3 2025 Held for 2 months	$282.7M
H Herald Investment Management Ltd Institution	-	0.51% $3.8M	0.55% 600.0K shares	Q1 2019 Held for 6y 8m	$745.8M

Hedge Fund Spotlight

Discover hedge funds investing in APPS

CITADEL ADVISORS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerKenneth Cordele Griffin

Portfolio Value: $122.08B
Positions: 5,531
Last Reported: Q3 2025

Sector Allocation

Position in Digital Turbine

Market Value: $5.1M
Shares Held: 795.0K
Portfolio Weight: 0.00%
Owned Since: 2018-Q1

Top Holding	Sector	Market Value	Weight
1 Microsoft MSFT	Software - Infrastructure Technology	$2.1B	1.68%
2 Nvidia NVDA	Semiconductors Technology	$1.8B	1.50%
3 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$1.4B	1.18%