HC Wainwright Reaffirms “Buy” Rating for Mitek Systems (NASDAQ:MITK)

Mitek Systems (NASDAQ:MITK)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They currently have a $13.00 price objective on the software maker’s stock. HC Wainwright’s price target would suggest a potential upside of 17.97% from the company’s previous close.

Separately, StockNews.com upgraded Mitek Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 25th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Mitek Systems has an average rating of “Buy” and a consensus target price of $12.63.

Mitek Systems Trading Up 5.2 %

Shares of MITK stock opened at $11.02 on Tuesday. The stock has a 50 day simple moving average of $10.30 and a 200-day simple moving average of $9.62. Mitek Systems has a 1-year low of $7.35 and a 1-year high of $16.24. The company has a market cap of $498.43 million, a price-to-earnings ratio of 183.67 and a beta of 1.08. The company has a debt-to-equity ratio of 0.67, a current ratio of 4.39 and a quick ratio of 4.39.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Monday, February 10th. The software maker reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). Mitek Systems had a return on equity of 16.64% and a net margin of 1.90%. On average, equities research analysts expect that Mitek Systems will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Christopher H. Briggs sold 3,320 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total value of $30,145.60. Following the completion of the sale, the senior vice president now owns 65,353 shares of the company’s stock, valued at approximately $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 can be accessed through this link. Also, insider Jason Gray sold 6,222 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total value of $56,433.54. Following the transaction, the insider now directly owns 164,342 shares in the company, valued at $1,490,581.94. This trade represents a 3.65 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,699 shares of company stock worth $152,140. 2.10% of the stock is owned by insiders.

Institutional Trading of Mitek Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. nVerses Capital LLC grew its holdings 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 purchasing an additional 1,300 shares during the period. Avior Wealth Management LLC purchased a new stake in shares of Mitek Systems in the 3rd quarter valued at approximately $60,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Mitek Systems during the 4th quarter worth approximately $114,000. Intech Investment Management LLC purchased a new stake in shares of Mitek Systems during the 3rd quarter valued at approximately $117,000. Finally, Lazari Capital Management Inc. acquired a new position in Mitek Systems in the fourth quarter valued at approximately $117,000. 83.64% of the stock is 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.