Mitek Systems (NASDAQ:MITK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a strong-buy rating in a research report released on Saturday morning.

MITK has been the topic of a number of other reports. Northland Securities set a $17.00 price objective on Mitek Systems in a research report on Wednesday, April 15th. Maxim Group set a $26.00 target price on shares of Mitek Systems in a report on Friday. Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Finally, Zacks Research downgraded shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $19.33.

Mitek Systems Price Performance

Shares of Mitek Systems stock opened at $18.55 on Friday. Mitek Systems has a one year low of $8.53 and a one year high of $21.05. The stock’s fifty day moving average is $17.73 and its 200 day moving average is $15.15. The stock has a market cap of $837.72 million, a P/E ratio of 39.47 and a beta of 0.98. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.74 and a current ratio of 2.74.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.06. The business had revenue of $54.04 million during the quarter, compared to analyst estimates of $50.82 million. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%. Sell-side analysts anticipate that Mitek Systems will post 0.86 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Garrett Gafke sold 21,108 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $14.19, for a total value of $299,522.52. Following the transaction, the chief operating officer directly owned 244,279 shares of the company’s stock, valued at approximately $3,466,319.01. The trade was a 7.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mak Capital One LLC purchased a new stake in Mitek Systems in the 4th quarter worth $6,690,000. Topline Capital Management LLC bought a new stake in shares of Mitek Systems in the second quarter worth about $5,235,000. Congruence Capital LLC purchased a new stake in shares of Mitek Systems in the fourth quarter worth about $4,106,000. Bank of New York Mellon Corp bought a new position in Mitek Systems during the second quarter valued at approximately $5,322,000. Finally, Tudor Investment Corp ET AL grew its holdings in Mitek Systems by 1,026.3% during the 3rd quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock valued at $2,255,000 after buying an additional 210,352 shares in the last quarter. Institutional investors own 83.64% of the company’s stock.

Mitek Systems Company Profile

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.