Sito Mobile (SITO) Stock Price Up 12.9%

Shares of Sito Mobile Ltd (NASDAQ:SITO) rose 12.9% during trading on Tuesday . The stock traded as high as $5.35 and last traded at $5.25. Approximately 646,449 shares traded hands during trading, an increase of 178% from the average daily volume of 232,769 shares. The stock had previously closed at $4.65.

SITO has been the topic of several analyst reports. Lake Street Capital initiated coverage on Sito Mobile in a report on Wednesday, October 25th. They set a “buy” rating and a $10.00 target price on the stock. Craig Hallum raised Sito Mobile from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a report on Monday, October 30th. Maxim Group set a $10.00 price target on Sito Mobile and gave the stock a “buy” rating in a research report on Wednesday, November 15th. Cowen reiterated an “outperform” rating on shares of Sito Mobile in a research report on Wednesday, November 15th. Finally, increased their price target on Sito Mobile from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, November 15th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $9.00.

In other Sito Mobile news, CEO Thomas Pallack purchased 31,000 shares of the stock in a transaction on Thursday, December 14th. The shares were bought at an average price of $6.83 per share, for a total transaction of $211,730.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 6.50% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Jane Street Group LLC purchased a new position in Sito Mobile during the fourth quarter worth approximately $113,000. Wells Fargo & Company MN boosted its position in Sito Mobile by 570.3% during the fourth quarter. Wells Fargo & Company MN now owns 17,628 shares of the Wireless communications provider’s stock worth $119,000 after purchasing an additional 14,998 shares in the last quarter. Virtu Financial LLC purchased a new position in Sito Mobile during the fourth quarter worth approximately $120,000. Monashee Investment Management LLC purchased a new position in Sito Mobile during the fourth quarter worth approximately $126,000. Finally, Private Advisor Group LLC purchased a new position in Sito Mobile during the third quarter worth approximately $204,000. Institutional investors own 12.19% 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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