Mitek Systems (NASDAQ:MITK) Stock Rating Lowered by StockNews.com

Mitek Systems (NASDAQ:MITK) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Several other brokerages 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. Maxim Group boosted their price target on shares of Mitek Systems from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Mitek Systems presently has a consensus rating of “Moderate Buy” and an average target price of $12.88.

Mitek Systems Price Performance

Shares of NASDAQ MITK opened at $10.40 on Tuesday. The firm has a market cap of $470.39 million, a PE ratio of 173.33 and a beta of 1.08. The firm has a fifty day moving average of $10.35 and a 200 day moving average of $9.61. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.39 and a current ratio of 4.39. Mitek Systems has a one year low of $7.35 and a one year high of $16.24.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a return on equity of 16.64% and a net margin of 1.90%. As a group, research analysts predict that Mitek Systems will post 0.65 EPS for the current fiscal year.

Insider Activity at Mitek Systems

In related news, 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 completion of the sale, the insider now directly owns 164,342 shares of the company’s stock, valued at $1,490,581.94. This trade represents a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael E. Diamond sold 4,544 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.09, for a total value of $41,304.96. Following the sale, the insider now directly owns 166,632 shares of the company’s stock, valued at approximately $1,514,684.88. This represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,699 shares of company stock valued at $152,140 over the last three months. 2.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. nVerses Capital LLC increased its position in shares of Mitek Systems by 25.5% in the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock valued at $55,000 after buying an additional 1,300 shares in the last quarter. Avior Wealth Management LLC increased its holdings in Mitek Systems by 24.7% during the 4th quarter. Avior Wealth Management LLC now owns 8,595 shares of the software maker’s stock valued at $96,000 after acquiring an additional 1,700 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Mitek Systems by 12.0% during the second quarter. The Manufacturers Life Insurance Company now owns 17,937 shares of the software maker’s stock worth $201,000 after acquiring an additional 1,923 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Mitek Systems by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock valued at $1,134,000 after purchasing an additional 2,460 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Mitek Systems by 4.0% in the third quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock valued at $640,000 after purchasing an additional 2,806 shares during the last quarter. Hedge funds and other institutional investors own 83.64% of the company’s stock.

About Mitek Systems

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.