Zacks Investment Research downgraded shares of SITO Mobile, Ltd. (NASDAQ:SITO) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

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 reports. Lake Street Capital started coverage on SITO Mobile in a research report on Wednesday, October 25th. They issued a buy rating and a $10.00 price objective for the company. Maxim Group reissued a buy rating and issued a $8.00 price objective (up from $5.00) on shares of SITO Mobile in a research report on Wednesday, September 27th. increased their price objective on SITO Mobile from $8.00 to $10.00 and gave the company a buy rating in a research report on Wednesday, November 15th. ValuEngine raised SITO Mobile from a sell rating to a hold rating in a research report on Friday, September 15th. Finally, Ladenburg Thalmann Financial Services cut SITO Mobile from a buy rating to a neutral rating and set a $9.00 price objective for the company. in a research report on Friday, November 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $8.83.

Shares of SITO Mobile (SITO) opened at $7.83 on Tuesday. SITO Mobile has a 12-month low of $1.71 and a 12-month 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) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.06). SITO Mobile had a negative net margin of 29.34% and a negative return on equity of 47.82%. The business had revenue of $11.10 million during the quarter, compared to the consensus estimate of $11.34 million. SITO Mobile’s revenue for the quarter was up 29.7% compared to the same quarter last year. research analysts expect that SITO Mobile will post -0.42 EPS for the current fiscal year.

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In related news, Director Chester Petrow acquired 68,800 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was purchased at an average cost of $3.98 per share, for a total transaction of $273,824.00. Following the completion of the purchase, the director now directly owns 286,968 shares of the company’s stock, valued at approximately $1,142,132.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.46% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Regentatlantic Capital LLC raised its stake in SITO Mobile by 9.5% during the second quarter. Regentatlantic Capital LLC now owns 88,079 shares of the Wireless communications provider’s stock worth $327,000 after acquiring an additional 7,673 shares in the last quarter. Private Advisor Group LLC acquired a new position in SITO Mobile during the third quarter worth $204,000. Cannell Peter B & Co. Inc. raised its stake in 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 worth $6,305,000 after acquiring an additional 85,300 shares in the last quarter. Finally, National Asset Management Inc. raised its stake in 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 worth $4,870,000 after acquiring an additional 182,000 shares in the last quarter. Hedge funds and other institutional investors own 15.07% of the company’s stock.

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.

Analyst Recommendations for SITO Mobile (NASDAQ:SITO)

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