Mitek Systems (NASDAQ:MITK) Stock Price Expected to Rise, Maxim Group Analyst Says

Mitek Systems (NASDAQ:MITK) had its target price upped by research analysts at Maxim Group from $13.00 to $14.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Maxim Group’s target price suggests a potential upside of 40.79% from the company’s current price.

A number of other equities analysts have also recently weighed in on MITK. HC Wainwright reissued a “buy” rating and set a $13.00 price target on shares of Mitek Systems in a research report on Tuesday. StockNews.com upgraded Mitek Systems from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 25th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $12.88.

Mitek Systems Trading Down 9.8 %

MITK stock traded down $1.08 during midday trading on Tuesday, reaching $9.94. The company’s stock had a trading volume of 623,372 shares, compared to its average volume of 515,386. The business’s 50-day simple moving average is $10.30 and its 200-day simple moving average is $9.62. The stock has a market cap of $449.77 million, a PE ratio of 165.10 and a beta of 1.08. Mitek Systems has a 52 week low of $7.35 and a 52 week high of $16.24. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 0.67.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Monday, February 10th. The software maker reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). Mitek Systems had a net margin of 1.90% and a return on equity of 16.64%. As a group, sell-side analysts expect that Mitek Systems will post 0.65 EPS for the current year.

Insider Activity at Mitek Systems

In other news, SVP Christopher H. Briggs sold 3,320 shares of Mitek Systems stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total value of $30,145.60. Following the sale, the senior vice president now directly owns 65,353 shares in the company, valued at $593,405.24. This trade represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Gray sold 6,222 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total transaction of $56,433.54. Following the transaction, the insider now owns 164,342 shares of the company’s stock, valued at $1,490,581.94. The trade was a 3.65 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,699 shares of company stock valued at $152,140. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mitek Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MITK. Tocqueville Asset Management L.P. raised its holdings in Mitek Systems by 45.4% during the fourth quarter. Tocqueville Asset Management L.P. now owns 256,300 shares of the software maker’s stock worth $2,853,000 after acquiring an additional 80,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Mitek Systems during the fourth quarter worth $1,259,000. Raymond James Financial Inc. acquired a new stake in Mitek Systems in the fourth quarter valued at $341,000. Victory Capital Management Inc. bought a new position in Mitek Systems during the fourth quarter worth about $284,000. Finally, Kovack Advisors Inc. boosted its stake in shares of Mitek Systems by 62.6% during the 4th quarter. Kovack Advisors Inc. now owns 69,744 shares of the software maker’s stock worth $776,000 after acquiring an additional 26,850 shares during the period. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Mitek Systems Company Profile

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.