Sito Mobile (NASDAQ:SITO) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Sito Mobile (NASDAQ:SITO) from a hold rating to a sell rating in a research note published on Tuesday, Zacks.com reports.

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. “

Several other analysts also recently issued reports on SITO. Craig Hallum set a $3.00 price objective on shares of Sito Mobile and gave the stock a buy rating in a research note on Tuesday, April 2nd. Lake Street Capital decreased their price objective on shares of CUI Global from $6.00 to $2.30 and set a buy rating for the company in a research note on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $6.00.

Shares of NASDAQ SITO opened at $0.78 on Tuesday. The company has a market capitalization of $20.11 million, a P/E ratio of -1.15 and a beta of 0.98. Sito Mobile has a 1 year low of $0.65 and a 1 year high of $2.46. The stock has a 50-day moving average price of $0.81.

Sito Mobile (NASDAQ:SITO) last announced its quarterly earnings data on Wednesday, May 15th. The Wireless communications provider reported ($0.20) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.08). The firm had revenue of $8.43 million during the quarter. Sito Mobile had a negative return on equity of 129.76% and a negative net margin of 45.55%. Equities research analysts predict that Sito Mobile will post -0.27 EPS for the current year.

A hedge fund recently raised its stake in Sito Mobile stock. Jane Street Group LLC boosted its position in Sito Mobile Ltd (NASDAQ:SITO) by 265.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,673 shares of the Wireless communications provider’s stock after purchasing an additional 53,488 shares during the period. Jane Street Group LLC owned approximately 0.29% of Sito Mobile worth $66,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 12.05% of the stock is currently owned by institutional investors and hedge funds.

About Sito Mobile

SITO Mobile, Ltd. provides advertisement delivery, measurement and attribution, and consumer insights using its proprietary location-based marketing intelligence platform in the United States and Canada. It offers Ad Placement, which delivers advertisements on behalf of its customers to audiences of existing and prospective consumers in a privacy compliant manner; and advertisements across television, desktop, social media, and digital out of home platforms.

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