Sito Mobile (NASDAQ:SITO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

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. “

SITO has been the subject of a number of other research reports. Maxim Group set a $10.00 price objective on Sito Mobile and gave the company a “buy” rating in a report on Wednesday, November 15th. boosted their price objective on Sito Mobile from $8.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, November 15th. Craig Hallum upgraded Sito Mobile from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a report on Monday, October 30th. Lake Street Capital assumed coverage on Sito Mobile in a report on Wednesday, October 25th. They set a “buy” rating and a $10.00 price objective for the company. Finally, Cowen restated an “outperform” rating on shares of Sito Mobile in a report on Wednesday, November 15th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Sito Mobile presently has an average rating of “Buy” and a consensus target price of $9.00.

Shares of Sito Mobile (NASDAQ SITO) traded down $0.39 during trading on Wednesday, hitting $6.52. The stock had a trading volume of 208,600 shares, compared to its average volume of 131,770. The stock has a market cap of $152.21, a PE ratio of -12.78 and a beta of -1.21. Sito Mobile has a 12-month low of $1.71 and a 12-month high of $8.60.

Sito Mobile (NASDAQ:SITO) last posted its quarterly earnings data on Tuesday, November 14th. The Wireless communications provider reported ($0.12) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.06). Sito Mobile had a negative net margin of 29.34% and a negative return on equity of 47.82%. The business had revenue of $11.10 million for the quarter, compared to analysts’ expectations of $11.34 million. The business’s quarterly revenue was up 29.7% on a year-over-year basis. equities analysts anticipate that Sito Mobile will post -0.44 earnings per share for the current fiscal year.

In other Sito Mobile news, CEO Thomas Pallack acquired 5,625 shares of the company’s stock in a transaction that occurred on Friday, December 29th. The stock was bought at an average price of $6.60 per share, for a total transaction of $37,125.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.46% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of SITO. National Asset Management Inc. lifted its holdings in shares of Sito Mobile by 270.4% in the 2nd quarter. National Asset Management Inc. now owns 500,000 shares of the Wireless communications provider’s stock worth $1,855,000 after buying an additional 365,000 shares during the period. Cannell Peter B & Co. Inc. lifted its holdings in shares of Sito Mobile by 10.7% in 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, Private Advisor Group LLC purchased a new stake in shares of Sito Mobile in the 3rd quarter worth $204,000. Institutional investors and hedge funds own 12.48% 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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