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

Mitek Systems (NASDAQ:MITK) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

Other equities research analysts have also issued reports about the company. Jefferies Financial Group lowered Mitek Systems from a “buy” rating to a “hold” rating and cut their target price for the stock from $17.00 to $9.50 in a research report on Wednesday, September 4th. Maxim Group reduced their price objective on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Craig Hallum dropped their target price on shares of Mitek Systems from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, HC Wainwright cut their price target on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.13.

Mitek Systems Price Performance

NASDAQ MITK opened at $9.06 on Friday. Mitek Systems has a 1 year low of $7.35 and a 1 year high of $16.24. The business’s fifty day moving average is $8.97 and its two-hundred day moving average is $10.08. The stock has a market capitalization of $418.61 million, a P/E ratio of -60.40 and a beta of 1.12. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46.

Hedge Funds Weigh In On Mitek Systems

A number of large investors have recently made changes to their positions in the business. Barclays PLC boosted its holdings in shares of Mitek Systems by 335.6% during the third quarter. Barclays PLC now owns 78,209 shares of the software maker’s stock worth $679,000 after purchasing an additional 60,256 shares during the period. State Street Corp boosted its stake in shares of Mitek Systems by 3.8% during the 3rd quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock valued at $11,326,000 after buying an additional 47,418 shares during the period. Invenomic Capital Management LP purchased a new position in shares of Mitek Systems during the 3rd quarter valued at $4,068,000. Janus Henderson Group PLC grew its holdings in shares of Mitek Systems by 4.0% during the 3rd quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock valued at $640,000 after acquiring an additional 2,806 shares in the last quarter. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Mitek Systems in the third quarter worth $680,000. Institutional investors and hedge funds 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.