Mitek Systems (NASDAQ:MITK) Trading Down 9.1% – Here’s What Happened

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price fell 9.1% during trading on Friday . The company traded as low as $13.82 and last traded at $13.9660. 365,530 shares were traded during mid-day trading, a decline of 56% from the average session volume of 839,604 shares. The stock had previously closed at $15.36.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MITK. Zacks Research cut shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Northland Securities set a $17.00 target price on shares of Mitek Systems in a report on Wednesday, April 15th. Jefferies Financial Group upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and raised their target price for the stock from $11.00 to $15.00 in a report on Friday, February 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Mitek Systems in a report on Friday, March 27th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Mitek Systems currently has an average rating of “Hold” and a consensus target price of $16.00.

Mitek Systems Stock Performance

The business’s fifty day moving average is $14.33 and its two-hundred day moving average is $11.61. The company has a market cap of $639.19 million, a P/E ratio of 40.29 and a beta of 0.95.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. The company had revenue of $54.84 million during the quarter, compared to analyst estimates of $52.59 million. Analysts expect that Mitek Systems, Inc. will post 0.88 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Garrett Gafke sold 152,529 shares of Mitek Systems stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total transaction of $2,123,203.68. Following the completion of the sale, the chief operating officer owned 265,387 shares in the company, valued at $3,694,187.04. This trade represents a 36.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Mitek Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. New York State Teachers Retirement System purchased a new position in Mitek Systems during the 3rd quarter valued at about $39,000. Tower Research Capital LLC TRC increased its position in Mitek Systems by 320.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after purchasing an additional 4,586 shares during the period. State of Alaska Department of Revenue increased its position in Mitek Systems by 305.2% during the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock valued at $85,000 after purchasing an additional 6,082 shares during the period. Russell Investments Group Ltd. increased its position in Mitek Systems by 4,147.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after purchasing an additional 9,706 shares during the period. Finally, AXQ Capital LP purchased a new position in Mitek Systems during the 4th quarter valued at about $117,000. 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.