Mitek Systems (NASDAQ:MITK) Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded Mitek Systems from “strong buy” to “hold.” The stock has an overall “hold” consensus rating and an average price target of $19.33.
• Mitek reported quarterly EPS of $0.34, beating analyst expectations of $0.28, while revenue of $54.04 million exceeded estimates of $50.82 million.
• MITK opened at $17.46, with a market capitalization of about $787.8 million; institutional investors and hedge funds own approximately 83.64% of the shares.

Mitek Systems (NASDAQ:MITK - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday, Zacks reports.

Other research analysts have also issued reports about the company. Wall Street Zen raised Mitek Systems from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Maxim Group set a $26.00 price target on Mitek Systems in a research note on Friday, August 7th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Mitek Systems in a research note on Friday, August 7th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Mitek Systems has an average rating of "Hold" and a consensus price target of $19.33.

Mitek Systems Price Performance

MITK opened at $17.46 on Tuesday. Mitek Systems has a 1 year low of $8.53 and a 1 year high of $21.05. The company's 50 day simple moving average is $17.87 and its 200 day simple moving average is $16.71. The stock has a market capitalization of $787.80 million, a PE ratio of 37.15 and a beta of 0.94. 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 - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 EPS for the quarter, topping the consensus estimate of $0.28 by $0.06. The firm had revenue of $54.04 million during the quarter, compared to analyst estimates 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 expect that Mitek Systems will post 0.91 EPS for the current year.

Hedge Funds Weigh In On Mitek Systems

Several hedge funds and other institutional investors have recently bought and sold shares of MITK. Integrated Wealth Concepts LLC purchased a new stake in shares of Mitek Systems during the second quarter valued at approximately $42,000. Squarepoint Ops LLC boosted its stake in shares of Mitek Systems by 97.0% in the second quarter. Squarepoint Ops LLC now owns 137,963 shares of the software maker's stock valued at $2,777,000 after purchasing an additional 67,930 shares during the period. Corient Private Wealth LP purchased a new position in shares of Mitek Systems in the second quarter valued at $668,000. Wellington Management Group LLP grew its holdings in Mitek Systems by 47.0% during the 2nd quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker's stock valued at $35,834,000 after purchasing an additional 569,379 shares in the last quarter. Finally, Globeflex Capital L P acquired a new stake in Mitek Systems during the 2nd quarter valued at $642,000. 83.64% of the stock is owned by institutional investors and hedge funds.

About Mitek Systems

Mitek Systems, Inc develops software for digital identity verification, fraud prevention and mobile banking. Its technology enables organizations to capture, authenticate and process information from checks, identity documents and other sources through smartphones and digital channels.

The company's products include Mobile Deposit, which allows consumers to deposit checks remotely, as well as identity-verification and document-authentication solutions designed to support account opening, customer onboarding and ongoing access to digital services.

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