Zacks Investment Research Downgrades Sito Mobile (NASDAQ:SITO) to Sell

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Zacks Investment Research lowered shares of Sito Mobile (NASDAQ:SITO) from a hold rating to a sell rating in a research note issued to investors on Thursday morning, 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. “

A number of other equities research analysts have also weighed in on the company. ValuEngine upgraded Sito Mobile from a hold rating to a buy rating in a research note on Friday, February 22nd. Lake Street Capital lowered Sito Mobile from a buy rating to a hold rating in a research note on Thursday, May 16th. Finally, Craig Hallum set a $3.00 price objective on Sito Mobile and gave the company a buy rating in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $6.00.

NASDAQ SITO traded up $0.05 during mid-day trading on Thursday, reaching $0.92. 2,680 shares of the company’s stock traded hands, compared to its average volume of 90,361. Sito Mobile has a 1-year low of $0.74 and a 1-year high of $3.21. The firm has a market cap of $22.31 million, a PE ratio of -1.35 and a beta of 1.17.

Sito Mobile (NASDAQ:SITO) last issued its quarterly earnings data on Wednesday, May 15th. The Wireless communications provider reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.08). Sito Mobile had a negative net margin of 45.55% and a negative return on equity of 129.76%. The business had revenue of $8.43 million for the quarter. As a group, equities analysts anticipate that Sito Mobile will post -0.27 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of SITO. Northern Trust Corp raised its stake in Sito Mobile by 25.0% in the 1st quarter. Northern Trust Corp now owns 34,775 shares of the Wireless communications provider’s stock valued at $63,000 after acquiring an additional 6,956 shares during the period. Jane Street Group LLC raised its stake in Sito Mobile by 265.0% in the 4th quarter. Jane Street Group LLC now owns 73,673 shares of the Wireless communications provider’s stock valued at $66,000 after acquiring an additional 53,488 shares during the period. Finally, BlackRock Inc. raised its stake in Sito Mobile by 12.4% in the 1st quarter. BlackRock Inc. now owns 78,854 shares of the Wireless communications provider’s stock valued at $144,000 after acquiring an additional 8,707 shares during the period. Hedge funds and other institutional investors own 12.05% of the company’s stock.

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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