Zacks Investment Research Upgrades Sito Mobile (NASDAQ:SITO) to Hold

Zacks Investment Research upgraded shares of Sito Mobile (NASDAQ:SITO) from a sell rating to a hold rating in a research note issued to investors on Wednesday, January 17th.

According to Zacks, “SITO Mobile Limited is a technology based mobile solutions provider. The Company provides wireless application development, publishing and distribution. It offers mobile location-based advertising and mobile messaging platforms that enable brands, agencies, and retailers to transform digital marketing by delivering targeted mobile advertising campaigns based on geo-location, in-store traffic, and customer response. SITO Mobile Limited, formerly known as Single Touch Systems, Inc., is based in Jersey City, New Jersey. “

SITO has been the subject of several other research reports. Maxim Group set a $10.00 price target on Sito Mobile and gave the stock a buy rating in a report on Wednesday, November 15th. upped their price objective on Sito Mobile from $8.00 to $10.00 and gave the company a buy rating in a research note on Wednesday, November 15th. Craig Hallum upgraded Sito Mobile from a hold rating to a buy rating and set a $10.00 price objective for the company in a research note on Monday, October 30th. Lake Street Capital began coverage on Sito Mobile in a research note on Wednesday, October 25th. They issued a buy rating and a $10.00 price objective for the company. Finally, Cowen restated an outperform rating on shares of Sito Mobile in a research note on Wednesday, November 15th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $9.00.

Shares of Sito Mobile (NASDAQ SITO) traded up $0.16 during trading on Wednesday, reaching $4.95. The company had a trading volume of 236,141 shares, compared to its average volume of 218,677. Sito Mobile has a 1-year low of $1.71 and a 1-year high of $8.60. The company has a market capitalization of $105.98, a P/E ratio of -9.71 and a beta of -1.60.

Sito Mobile (NASDAQ:SITO) last announced its quarterly earnings results on Tuesday, November 14th. The Wireless communications provider reported ($0.12) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.06). Sito Mobile had a negative return on equity of 47.82% and a negative net margin of 29.34%. The company had revenue of $11.10 million for the quarter, compared to the consensus estimate of $11.34 million. The company’s quarterly revenue was up 29.7% compared to the same quarter last year. sell-side analysts expect that Sito Mobile will post -0.48 EPS for the current fiscal year.

In other news, CEO Thomas Pallack purchased 5,625 shares of the business’s stock in a transaction dated Friday, December 29th. The stock was bought at an average price of $6.60 per share, for a total transaction of $37,125.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.46% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. Cannell Peter B & Co. Inc. grew its stake in shares of Sito Mobile by 10.7% during the 3rd quarter. Cannell Peter B & Co. Inc. now owns 882,995 shares of the Wireless communications provider’s stock worth $6,305,000 after acquiring an additional 85,300 shares during the period. National Asset Management Inc. lifted its holdings in Sito Mobile by 36.4% during the 3rd quarter. National Asset Management Inc. now owns 682,000 shares of the Wireless communications provider’s stock worth $4,870,000 after purchasing an additional 182,000 shares in the last quarter. EAM Investors LLC purchased a new stake in Sito Mobile during the 4th quarter worth about $2,219,000. Private Advisor Group LLC purchased a new stake in Sito Mobile during the 3rd quarter worth about $204,000. Finally, Monashee Investment Management LLC purchased a new stake in Sito Mobile during the 4th quarter worth about $126,000. Institutional investors own 12.08% of the company’s stock.

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About Sito Mobile

SITO Mobile, Ltd. operates a mobile location-based advertising platform serving businesses, advertisers and brands. The Company’s offerings include SITO Location-Based Advertising and SITO Mobile Messaging. SITO Location-Based Advertising delivers display advertisements and videos on behalf of advertisers, including various features, such as Geo-fencing, Verified walk-in, Behavioral Targeting, and Analytics and Optimization.

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