Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

Digital Turbine (APPS Quick QuoteAPPS - Free Report) is a stock many investors are watching right now. APPS is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 10.23, which compares to its industry's average of 25.51. Over the past year, APPS's Forward P/E has been as high as 19.84 and as low as 2.87, with a median of 8.41.

Another notable valuation metric for APPS is its P/B ratio of 3.92. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 4.40. Within the past 52 weeks, APPS's P/B has been as high as 5.15 and as low as 0.68, with a median of 2.12.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Digital Turbine is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, APPS feels like a great value stock at the moment.