Increases SITO Mobile, Ltd. (SITO) Price Target to $10.00
SITO Mobile, Ltd. (NASDAQ:SITO) had its target price raised by stock analysts at from $8.00 to $10.00 in a research note issued on Wednesday. The firm presently has a “buy” rating on the Wireless communications provider’s stock. ‘s price target would indicate a potential upside of 23.92% from the stock’s current price.
A number of other research firms also recently weighed in on SITO. Craig Hallum raised shares of SITO Mobile from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Monday, October 30th. Maxim Group set a $10.00 target price on shares of SITO Mobile and gave the company a “buy” rating in a research report on Wednesday. Cowen and Company reissued an “outperform” rating on shares of SITO Mobile in a research report on Wednesday. Zacks Investment Research raised shares of SITO Mobile from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Finally, Lake Street Capital began coverage on shares of SITO Mobile in a research report on Wednesday, October 25th. They set a “buy” rating and a $10.00 target price for the company. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $8.83.
SITO Mobile (NASDAQ:SITO) traded down $0.05 during trading hours on Wednesday, reaching $8.07. 314,256 shares of the company’s stock were exchanged, compared to its average volume of 219,363. SITO Mobile has a twelve month low of $1.71 and a twelve month high of $8.60.
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 net margin of 29.34% and a negative return on equity of 47.82%. SITO Mobile’s revenue was up 29.7% on a year-over-year basis. equities research analysts forecast that SITO Mobile will post -0.38 earnings per share for the current fiscal year.
In related news, Director Chester Petrow acquired 68,800 shares of SITO Mobile stock in a transaction dated Thursday, August 24th. The stock was bought at an average price of $3.98 per share, with a total value of $273,824.00. Following the transaction, the director now directly owns 286,968 shares in the company, valued at approximately $1,142,132.64. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 6.50% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Regentatlantic Capital LLC grew its position in shares of SITO Mobile by 9.5% during the 2nd quarter. Regentatlantic Capital LLC now owns 88,079 shares of the Wireless communications provider’s stock worth $327,000 after buying an additional 7,673 shares during the period. Private Advisor Group LLC acquired a new stake in shares of SITO Mobile during the 3rd quarter worth approximately $204,000. Cannell Peter B & Co. Inc. grew its position in shares of SITO Mobile by 10.7% during 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 buying an additional 85,300 shares during the period. Finally, National Asset Management Inc. grew its position in shares of SITO Mobile by 36.4% during the 3rd quarter. National Asset Management Inc. now owns 682,000 shares of the Wireless communications provider’s stock worth $4,870,000 after buying an additional 182,000 shares during the period. 13.65% of the stock is owned by institutional investors.
SITO Mobile Company Profile
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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