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

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 equities analysts have also issued reports on the stock. Ladenburg Thalmann Financial Services lowered shares of SITO Mobile from a buy rating to a neutral rating and set a $9.00 price objective on the stock. in a report on Friday, November 17th. lifted their price objective on shares of SITO Mobile from $8.00 to $10.00 and gave the company a buy rating in a report on Wednesday, November 15th. Cowen Inc reissued an outperform rating on shares of SITO Mobile in a report on Wednesday, November 15th. Maxim Group set a $10.00 price objective on shares of SITO Mobile and gave the company a buy rating in a report on Wednesday, November 15th. Finally, Craig Hallum raised shares of 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $8.83.

SITO Mobile (SITO) opened at $6.91 on Tuesday. SITO Mobile has a 1-year low of $1.71 and a 1-year high of $8.60.

SITO Mobile (NASDAQ:SITO) last issued its quarterly earnings data on Tuesday, November 14th. The Wireless communications provider reported ($0.12) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.06). The business had revenue of $11.10 million for the quarter, compared to analysts’ expectations of $11.34 million. SITO Mobile had a negative net margin of 29.34% and a negative return on equity of 47.82%. SITO Mobile’s revenue for the quarter was up 29.7% compared to the same quarter last year. equities analysts expect that SITO Mobile will post -0.42 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Private Advisor Group LLC acquired a new stake in SITO Mobile in the third quarter valued at approximately $204,000. Regentatlantic Capital LLC boosted its stake in SITO Mobile by 9.5% in the second quarter. Regentatlantic Capital LLC now owns 88,079 shares of the Wireless communications provider’s stock valued at $327,000 after acquiring an additional 7,673 shares in the last quarter. National Asset Management Inc. boosted its stake in SITO Mobile by 270.4% in the second quarter. National Asset Management Inc. now owns 500,000 shares of the Wireless communications provider’s stock valued at $1,855,000 after acquiring an additional 365,000 shares in the last quarter. Finally, Cannell Peter B & Co. Inc. boosted its stake in SITO Mobile by 10.7% in 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 acquiring an additional 85,300 shares in the last quarter. Institutional investors own 15.07% 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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Analyst Recommendations for SITO Mobile (NASDAQ:SITO)

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