Maxim Group Reaffirms “Buy” Rating for Sito Mobile (SITO)
Maxim Group restated their buy rating on shares of Sito Mobile (NASDAQ:SITO) in a research report report published on Monday. Maxim Group currently has a $10.00 price objective on the Wireless communications provider’s stock.
“We reiterate our Buy rating and $10 price target and argue investors should buy SITO shares ahead of the stronger results we estimate in 4Q17 and 2018.”,” Maxim Group’s analyst wrote.
A number of other equities research analysts also recently weighed in on the company. Craig Hallum raised Sito Mobile from a hold rating to a buy rating and set a $10.00 price objective on the stock in a report on Monday, October 30th. Ladenburg Thalmann Financial Services raised Sito Mobile from a neutral rating to a buy rating and set a $10.00 price objective on the stock in a report on Thursday, December 14th. lifted their price objective on Sito Mobile from $8.00 to $10.00 and gave the company a buy rating in a report on Wednesday, November 15th. Cowen reaffirmed an outperform rating on shares of Sito Mobile in a report on Wednesday, November 15th. Finally, Lake Street Capital started coverage on Sito Mobile in a report on Wednesday, October 25th. They set a buy rating and a $10.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Sito Mobile has a consensus rating of Buy and an average target price of $9.00.
Sito Mobile (NASDAQ:SITO) last released its earnings results on Tuesday, November 14th. The Wireless communications provider reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.06). The firm had revenue of $11.10 million for the quarter, compared to analyst estimates of $11.34 million. Sito Mobile had a negative return on equity of 47.82% and a negative net margin of 29.34%. Sito Mobile’s revenue was up 29.7% compared to the same quarter last year. equities research analysts anticipate that Sito Mobile will post -0.44 EPS for the current fiscal year.
In related news, CEO Thomas Pallack acquired 31,000 shares of the firm’s stock in a transaction on Thursday, December 14th. The shares were bought at an average cost of $6.83 per share, with a total value of $211,730.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.46% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Private Advisor Group LLC acquired a new position in shares of Sito Mobile in the 3rd quarter worth approximately $204,000. National Asset Management Inc. boosted its holdings in shares of Sito Mobile by 270.4% in the 2nd quarter. National Asset Management Inc. now owns 500,000 shares of the Wireless communications provider’s stock worth $1,855,000 after acquiring an additional 365,000 shares in the last quarter. Finally, Cannell Peter B & Co. Inc. boosted its holdings in shares of Sito Mobile by 10.7% in 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 in the last quarter. 12.08% of the stock is currently owned by institutional investors and hedge funds.
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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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