Mitek Systems (NASDAQ:MITK) Stock Passes Above 200-Day Moving Average – Time to Sell?

Mitek Systems, Inc. (NASDAQ:MITK) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $12.00 and traded as high as $16.23. Mitek Systems shares last traded at $16.03, with a volume of 1,647,920 shares trading hands.

Wall Street Analysts Forecast Growth

MITK has been the subject of a number of recent research reports. Jefferies Financial Group upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $11.00 to $15.00 in a report on Friday, February 13th. Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Wall Street Zen downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Finally, Northland Securities set a $17.00 price objective on Mitek Systems in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.00.

Mitek Systems Stock Up 4.4%

The company has a market capitalization of $723.91 million, a P/E ratio of 45.80 and a beta of 0.95. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.20. The stock’s fifty day moving average is $14.31 and its 200 day moving average is $12.00.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.12. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. The business had revenue of $54.84 million for the quarter, compared to analyst estimates of $52.59 million. Research analysts predict that Mitek Systems, Inc. will post 0.88 EPS for the current fiscal year.

Insider Transactions at Mitek Systems

In related news, COO Garrett Gafke sold 152,529 shares of the business’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $13.92, for a total transaction of $2,123,203.68. Following the transaction, the chief operating officer owned 265,387 shares in the company, valued at $3,694,187.04. The trade was a 36.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mitek Systems

Several hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC lifted its stake in Mitek Systems by 320.3% in the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock worth $60,000 after acquiring an additional 4,586 shares during the period. State of Alaska Department of Revenue raised its holdings in Mitek Systems by 305.2% in the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock worth $85,000 after purchasing an additional 6,082 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Mitek Systems by 4,147.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock worth $97,000 after purchasing an additional 9,706 shares during the period. AXQ Capital LP purchased a new stake in shares of Mitek Systems in the 4th quarter worth about $117,000. Finally, AlphaQuest LLC purchased a new position in shares of Mitek Systems during the third quarter valued at about $130,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

About Mitek Systems

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.