SITO Mobile, Ltd. (SITO) Cut to “Sell” at Zacks Investment Research

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

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. “

Separately, Cowen and Company started coverage on shares of SITO Mobile in a research note on Monday, November 21st. They set an outperform rating and a $6.00 price target on the stock. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $6.55.

SITO Mobile (NASDAQ:SITO) opened at 2.18 on Friday. SITO Mobile has a 1-year low of $2.05 and a 1-year high of $6.08. The firm’s 50-day moving average is $2.52 and its 200 day moving average is $3.97. The firm has a market cap of $45.08 million, a PE ratio of 19.64 and a beta of -1.21.

SITO Mobile (NASDAQ:SITO) last announced its quarterly earnings data on Monday, November 14th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. SITO Mobile had a negative net margin of 0.98% and a negative return on equity of 3.92%. The business had revenue of $10.30 million for the quarter, compared to the consensus estimate of $9.94 million. On average, equities analysts forecast that SITO Mobile will post ($0.01) earnings per share for the current fiscal year.

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A number of large investors have recently bought and sold shares of the company. Perkins Capital Management Inc. purchased a new stake in shares of SITO Mobile during the third quarter valued at approximately $198,000. Baird Financial Group Inc. increased its stake in shares of SITO Mobile by 5.1% in the fourth quarter. Baird Financial Group Inc. now owns 68,300 shares of the company’s stock valued at $252,000 after buying an additional 3,301 shares in the last quarter. Symmetry Peak Management LLC purchased a new stake in shares of SITO Mobile during the third quarter valued at approximately $451,000. Formula Growth Ltd. purchased a new stake in shares of SITO Mobile during the third quarter valued at approximately $821,000. Finally, Akanthos Capital Management LLC increased its stake in shares of SITO Mobile by 171.8% in the third quarter. Akanthos Capital Management LLC now owns 316,397 shares of the company’s stock valued at $1,392,000 after buying an additional 200,000 shares in the last quarter. Hedge funds and other institutional investors own 24.91% 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.

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