Mitek Systems (NASDAQ:MITK) Upgraded to “Buy” at StockNews.com

Mitek Systems (NASDAQ:MITKGet Free Report) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

Several other equities analysts also recently weighed in on MITK. HC Wainwright restated a “buy” rating and issued a $19.00 target price on shares of Mitek Systems in a research report on Tuesday, May 14th. Craig Hallum raised their target price on Mitek Systems from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th.

Check Out Our Latest Stock Report on Mitek Systems

Mitek Systems Price Performance

MITK stock traded up $0.33 during mid-day trading on Wednesday, reaching $11.27. 715,338 shares of the company’s stock were exchanged, compared to its average volume of 538,735. The company has a market cap of $527.32 million, a price-to-earnings ratio of -70.44 and a beta of 1.07. The stock’s 50 day moving average is $12.74 and its 200 day moving average is $12.56. The company has a debt-to-equity ratio of 0.65, a current ratio of 4.27 and a quick ratio of 4.27. Mitek Systems has a 12-month low of $9.47 and a 12-month high of $16.24.

Mitek Systems (NASDAQ:MITKGet Free Report) last issued its quarterly earnings results on Monday, May 13th. The software maker reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.04). The business had revenue of $46.97 million for the quarter, compared to analysts’ expectations of $46.49 million. Mitek Systems had a positive return on equity of 11.71% and a negative net margin of 4.49%. On average, research analysts expect that Mitek Systems will post 0.73 EPS for the current year.

Insider Buying and Selling

In other Mitek Systems news, Director Donna Wells sold 16,839 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $12.46, for a total transaction of $209,813.94. Following the completion of the sale, the director now owns 38,552 shares of the company’s stock, valued at $480,357.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Mitek Systems news, SVP Christopher H. Briggs sold 24,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $11.10, for a total transaction of $266,400.00. Following the completion of the sale, the senior vice president now owns 68,673 shares of the company’s stock, valued at $762,270.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Donna Wells sold 16,839 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $12.46, for a total value of $209,813.94. Following the sale, the director now directly owns 38,552 shares of the company’s stock, valued at approximately $480,357.92. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mitek Systems

A number of institutional investors have recently modified their holdings of MITK. Tyro Capital Management LLC acquired a new stake in shares of Mitek Systems in the fourth quarter valued at $9,240,000. LSV Asset Management grew its stake in shares of Mitek Systems by 852.1% in the first quarter. LSV Asset Management now owns 735,899 shares of the software maker’s stock valued at $10,376,000 after buying an additional 658,603 shares in the last quarter. Kopp LeRoy C acquired a new stake in shares of Mitek Systems in the first quarter valued at $3,340,000. Impax Asset Management Group plc grew its stake in shares of Mitek Systems by 41.1% in the fourth quarter. Impax Asset Management Group plc now owns 720,349 shares of the software maker’s stock valued at $9,393,000 after buying an additional 210,000 shares in the last quarter. Finally, B. Riley Asset Management LLC grew its stake in shares of Mitek Systems by 28.9% in the third quarter. B. Riley Asset Management LLC now owns 718,981 shares of the software maker’s stock valued at $7,707,000 after buying an additional 161,246 shares in the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

About Mitek Systems

(Get Free Report)

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.

Further Reading

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