Mitek Systems (NASDAQ:MITK) Trading Down 3.8% – Time to Sell?

Mitek Systems, Inc. (NASDAQ:MITK)’s share price fell 3.8% during mid-day trading on Friday . The stock traded as low as $17.77 and last traded at $17.82. 232,774 shares changed hands during trading, a decline of 75% from the average daily volume of 919,926 shares. The stock had previously closed at $18.52.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MITK shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Mitek Systems in a report on Friday, August 7th. Zacks Research upgraded shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. Wall Street Zen raised shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Maxim Group set a $26.00 price objective on shares of Mitek Systems in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Mitek Systems presently has an average rating of “Buy” and an average price target of $19.33.

Mitek Systems Trading Up 0.2%

The firm has a fifty day moving average of $18.21 and a two-hundred day moving average of $15.65. The company has a market cap of $837.43 million, a PE ratio of 39.49 and a beta of 0.98. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.19.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Thursday, August 6th. The software maker reported $0.34 EPS for the quarter, beating the consensus estimate of $0.28 by $0.06. The business had revenue of $54.04 million for the quarter, compared to the consensus estimate of $50.82 million. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. As a group, sell-side analysts predict that Mitek Systems, Inc. will post 0.91 EPS for the current year.

Institutional Trading of Mitek Systems

A number of institutional investors have recently modified their holdings of MITK. Squarepoint Ops LLC boosted its holdings in Mitek Systems by 2.5% in the 4th quarter. Squarepoint Ops LLC now owns 38,611 shares of the software maker’s stock worth $407,000 after buying an additional 944 shares during the period. Aristides Capital LLC raised its holdings in Mitek Systems by 4.5% during the 4th 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 during the period. Deutsche Bank AG lifted its position 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 worth $394,000 after acquiring an additional 2,431 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Mitek Systems by 21.2% during the fourth quarter. Royal Bank of Canada now owns 14,954 shares of the software maker’s stock worth $158,000 after acquiring an additional 2,615 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in shares of Mitek Systems by 17.9% in the fourth quarter. Intech Investment Management LLC now owns 19,303 shares of the software maker’s stock worth $204,000 after acquiring an additional 2,924 shares during the period. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.