Sito Mobile (SITO) Stock Price Down 2.4%

Sito Mobile Ltd (NASDAQ:SITO) shares dropped 2.4% on Friday . The stock traded as low as $3.81 and last traded at $4.04. Approximately 179,428 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 232,845 shares. The stock had previously closed at $4.14.

A number of brokerages recently commented on SITO. Ladenburg Thalmann Financial Services raised shares of Sito Mobile from a “neutral” rating to a “buy” rating and set a $10.00 price objective on the stock in a research report on Thursday, December 14th. Zacks Investment Research raised shares of Sito Mobile from a “sell” rating to a “hold” rating in a research report on Wednesday, January 17th. Maxim Group reaffirmed a “buy” rating and set a $10.00 price objective on shares of Sito Mobile in a research report on Monday, January 29th. Finally, ValuEngine downgraded shares of Sito Mobile from a “hold” rating to a “sell” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. Sito Mobile currently has an average rating of “Buy” and an average price target of $8.67.

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The company has a market cap of $113.24, a PE ratio of -5.52 and a beta of -1.36.

Sito Mobile (NASDAQ:SITO) last posted its earnings results on Wednesday, March 21st. The Wireless communications provider reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by ($0.05). The business had revenue of $14.70 million during the quarter, compared to the consensus estimate of $12.40 million. Sito Mobile had a negative return on equity of 64.61% and a negative net margin of 37.29%. analysts anticipate that Sito Mobile Ltd will post -0.39 EPS for the current fiscal year.

In other news, CEO Thomas Pallack acquired 5,625 shares of Sito Mobile stock in a transaction dated Friday, December 29th. The stock was acquired at an average cost of $6.60 per share, for a total transaction of $37,125.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.50% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of SITO. Jane Street Group LLC acquired a new position in Sito Mobile during the 4th quarter valued at $113,000. Wells Fargo & Company MN raised its stake in Sito Mobile by 570.3% during the 4th quarter. Wells Fargo & Company MN now owns 17,628 shares of the Wireless communications provider’s stock valued at $119,000 after purchasing an additional 14,998 shares during the last quarter. Virtu Financial LLC acquired a new position in Sito Mobile during the 4th quarter valued at $120,000. Monashee Investment Management LLC acquired a new position in shares of Sito Mobile in the 4th quarter valued at $126,000. Finally, Private Advisor Group LLC acquired a new position in shares of Sito Mobile in the 3rd quarter valued at $204,000. Institutional investors and hedge funds own 13.41% 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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