Mitek Systems (NASDAQ:MITK) Upgraded at StockNews.com

Mitek Systems (NASDAQ:MITK) was upgraded by stock analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued on Monday.

A number of other research analysts also recently issued reports on the stock. Maxim Group lifted their price objective on shares of Mitek Systems from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. HC Wainwright restated a “buy” rating and set a $13.00 price target on shares of Mitek Systems in a research note on Tuesday, February 11th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $12.88.

Mitek Systems Stock Down 0.8%

Shares of MITK opened at $9.69 on Monday. The firm has a market capitalization of $438.41 million, a P/E ratio of 107.67 and a beta of 1.11. Mitek Systems has a 12-month low of $6.93 and a 12-month high of $14.32. The firm has a fifty day moving average price of $8.40 and a 200-day moving average price of $9.34. The company has a current ratio of 4.59, a quick ratio of 4.59 and a debt-to-equity ratio of 0.73.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, May 8th. The software maker reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.10. Mitek Systems had a return on equity of 16.53% and a net margin of 2.59%. The company had revenue of $51.93 million for the quarter, compared to analysts’ expectations of $47.21 million. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. Equities research analysts expect that Mitek Systems will post 0.59 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Edward H. West bought 55,000 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were acquired at an average price of $9.21 per share, for a total transaction of $506,550.00. Following the completion of the transaction, the chief executive officer now directly owns 55,000 shares in the company, valued at $506,550. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.10% of the company’s stock.

Institutional Trading of Mitek Systems

Several large investors have recently made changes to their positions in MITK. Quarry LP purchased a new position in Mitek Systems during the fourth quarter worth approximately $31,000. GAMMA Investing LLC boosted its holdings in Mitek Systems by 1,882.5% in the 1st quarter. GAMMA Investing LLC now owns 3,053 shares of the software maker’s stock valued at $25,000 after purchasing an additional 2,899 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Mitek Systems during the 4th quarter worth approximately $39,000. Pandora Wealth Inc. acquired a new position in Mitek Systems in the first quarter valued at approximately $41,000. Finally, Ancora Advisors LLC acquired a new stake in Mitek Systems during the fourth quarter worth $67,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.