Mitek Systems (NASDAQ:MITK) Price Target Raised to $14.00

Mitek Systems (NASDAQ:MITK) had its price target increased by Maxim Group from $13.00 to $14.00 in a report published on Tuesday,Benzinga reports. Maxim Group currently has a buy rating on the software maker’s stock.

A number of other research analysts have also weighed in on MITK. HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective on shares of Mitek Systems in a research note on Tuesday. StockNews.com upgraded shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 25th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.88.

Mitek Systems Trading Down 2.6 %

Shares of MITK stock opened at $10.13 on Tuesday. The company has a 50 day moving average of $10.37 and a 200-day moving average of $9.61. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 0.67. Mitek Systems has a 12-month low of $7.35 and a 12-month high of $16.24. The firm has a market cap of $458.32 million, a P/E ratio of 168.83 and a beta of 1.08.

Mitek Systems (NASDAQ:MITK) last issued its quarterly 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%. Sell-side analysts anticipate that Mitek Systems will post 0.65 earnings per share for the current year.

Insider Buying and Selling at Mitek Systems

In other news, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction on Wednesday, December 11th. The shares were 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 approximately $1,490,581.94. The trade was a 3.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael E. Diamond sold 4,544 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was 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 $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 a total of 16,699 shares of company stock valued at $152,140 in the last three months. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Mitek Systems

Hedge funds have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board bought a new stake in Mitek Systems in the fourth quarter worth $39,000. 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 acquiring an additional 1,300 shares during the period. Avior Wealth Management LLC purchased a new position in shares of Mitek Systems in the third quarter valued at about $60,000. KLP Kapitalforvaltning AS purchased a new position in shares of Mitek Systems in the fourth quarter valued at about $105,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Mitek Systems in the fourth quarter valued at about $114,000. 83.64% of the stock is owned by institutional investors.

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.