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

StockNews.com upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a strong-buy rating in a research report released on Wednesday.

A number of other brokerages have also weighed in on MITK. Jefferies Financial Group lowered shares of Mitek Systems from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $17.00 to $9.50 in a report on Wednesday, September 4th. HC Wainwright upped their price target on Mitek Systems from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $12.63.

Mitek Systems Trading Down 0.1 %

NASDAQ MITK opened at $11.35 on Wednesday. Mitek Systems has a 12 month low of $7.35 and a 12 month high of $16.24. The company has a current ratio of 4.46, a quick ratio of 4.46 and a debt-to-equity ratio of 0.68. The stock’s fifty day moving average price is $9.41 and its 200-day moving average price is $9.88. The stock has a market cap of $489.08 million, a P/E ratio of -75.67 and a beta of 1.12.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Monday, December 16th. The software maker reported $0.33 EPS for the quarter, beating the consensus estimate of $0.17 by $0.16. The company had revenue of $43.22 million for the quarter, compared to the consensus estimate of $41.30 million. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. Mitek Systems’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 EPS. As a group, equities analysts forecast that Mitek Systems will post 0.56 EPS for the current fiscal year.

Insider Buying and Selling at Mitek Systems

In other Mitek Systems news, insider Michael E. Diamond sold 4,544 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total transaction of $41,304.96. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Christopher H. Briggs sold 3,320 shares of Mitek Systems stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total transaction of $30,145.60. Following the transaction, the senior vice president now owns 65,353 shares in the company, valued at $593,405.24. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,699 shares of company stock valued at $152,140. 2.10% of the stock is owned by company insiders.

Institutional Trading of Mitek Systems

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Innealta Capital LLC purchased a new position in shares of Mitek Systems during the 2nd quarter valued at about $32,000. nVerses Capital LLC lifted its holdings in Mitek Systems by 25.5% during the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock valued at $55,000 after purchasing an additional 1,300 shares in the last quarter. Avior Wealth Management LLC bought a new position in shares of Mitek Systems in the third quarter worth approximately $60,000. Intech Investment Management LLC purchased a new stake in shares of Mitek Systems in the third quarter worth $117,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Mitek Systems during the 2nd quarter valued at $138,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.

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.