Sito Mobile (SITO) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Sito Mobile (NASDAQ:SITO) from a sell rating to a hold rating in a report released on Wednesday.

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. “

Other equities research analysts have also issued research reports about the company. Maxim Group set a $10.00 price target on Sito Mobile and gave the stock a buy rating in a research note on Wednesday, November 15th. increased their price target on Sito Mobile from $8.00 to $10.00 and gave the stock 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 target for the company in a research note on Monday, October 30th. Lake Street Capital initiated coverage on Sito Mobile in a research note on Wednesday, October 25th. They issued a buy rating and a $10.00 price target for the company. Finally, Cowen reiterated an outperform rating on shares of Sito Mobile in a research note on Wednesday, November 15th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $9.00.

Sito Mobile (NASDAQ:SITO) traded down $0.05 during trading hours on Wednesday, hitting $6.45. The stock had a trading volume of 327,788 shares, compared to its average volume of 161,000. The stock has a market cap of $143.62, a price-to-earnings ratio of -12.65 and a beta of -1.21. Sito Mobile has a 52-week low of $1.71 and a 52-week high of $8.60.

Sito Mobile (NASDAQ:SITO) last posted its quarterly earnings data on Tuesday, November 14th. The Wireless communications provider reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.06). The company had revenue of $11.10 million during the quarter, compared to analysts’ expectations of $11.34 million. Sito Mobile had a negative return on equity of 47.82% and a negative net margin of 29.34%. The business’s revenue for the quarter was up 29.7% on a year-over-year basis. equities research analysts expect that Sito Mobile will post -0.44 EPS for the current year.

In other Sito Mobile news, CEO Thomas Pallack purchased 5,625 shares of the business’s stock in a transaction on Friday, December 29th. The stock was acquired at an average price of $6.60 per share, for a total transaction of $37,125.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 6.50% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. National Asset Management Inc. grew its position in shares of Sito Mobile by 36.4% during the third quarter. National Asset Management Inc. now owns 682,000 shares of the Wireless communications provider’s stock valued at $4,870,000 after purchasing an additional 182,000 shares in the last quarter. Private Advisor Group LLC purchased a new position in shares of Sito Mobile during the third quarter valued at about $204,000. Finally, Cannell Peter B & Co. Inc. grew its position in shares of Sito Mobile by 10.7% during the third quarter. Cannell Peter B & Co. Inc. now owns 882,995 shares of the Wireless communications provider’s stock valued at $6,305,000 after purchasing an additional 85,300 shares in the last quarter. Hedge funds and other institutional investors own 12.48% of the company’s stock.

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Sito Mobile Company Profile

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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