Mitek Systems (NASDAQ:MITK) Raised to “Strong-Buy” at Zacks Research

Mitek Systems (NASDAQ:MITK) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other research analysts also recently issued reports about the company. Weiss Ratings reissued a “hold (c)” rating on shares of Mitek Systems in a research note on Monday, December 29th. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Finally, Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and boosted their price target for the company from $11.00 to $15.00 in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $15.00.

Mitek Systems Price Performance

Shares of NASDAQ MITK opened at $14.30 on Wednesday. Mitek Systems has a twelve month low of $6.93 and a twelve month high of $15.61. The firm has a fifty day simple moving average of $12.31 and a 200 day simple moving average of $10.57. The company has a market capitalization of $648.02 million, a PE ratio of 40.86 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, February 5th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. The business had revenue of $44.24 million for the quarter, compared to analysts’ expectations of $42.44 million. As a group, equities analysts expect that Mitek Systems will post 0.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mitek Systems

A number of institutional investors and hedge funds have recently made changes to their positions in MITK. Squarepoint Ops LLC increased its position in Mitek Systems by 2.5% in the 4th quarter. Squarepoint Ops LLC now owns 38,611 shares of the software maker’s stock valued at $407,000 after buying an additional 944 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Mitek Systems by 13.6% in the third quarter. Harbor Capital Advisors Inc. now owns 12,100 shares of the software maker’s stock worth $118,000 after acquiring an additional 1,449 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Mitek Systems by 1.9% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 121,514 shares of the software maker’s stock worth $1,187,000 after acquiring an additional 2,225 shares in the last quarter. Aristides Capital LLC increased its holdings in shares of Mitek Systems by 4.5% during the fourth quarter. Aristides Capital LLC now owns 55,434 shares of the software maker’s stock valued at $585,000 after acquiring an additional 2,380 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Mitek Systems by 7.0% during the fourth quarter. Deutsche Bank AG now owns 37,329 shares of the software maker’s stock valued at $394,000 after acquiring an additional 2,431 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.