Mitek Systems, Inc. (NASDAQ:MITK) Insider Sells $687,339.04 in Stock

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report) insider Michael E. Diamond sold 70,352 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $9.77, for a total value of $687,339.04. Following the completion of the transaction, the insider now owns 233,340 shares of the company's stock, valued at $2,279,731.80. This trade represents a 23.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Mitek Systems Price Performance

NASDAQ:MITK remained flat at $9.77 during mid-day trading on Tuesday. The company had a trading volume of 280,846 shares, compared to its average volume of 551,548. The company has a market capitalization of $441.99 million, a price-to-earnings ratio of 34.89 and a beta of 1.15. The firm's 50 day moving average price is $8.96 and its 200 day moving average price is $9.45. Mitek Systems, Inc. has a 1 year low of $6.93 and a 1 year high of $13.72.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The software maker reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.10. Mitek Systems had a net margin of 7.51% and a return on equity of 18.85%. The company had revenue of $51.93 million for the quarter, compared to the consensus estimate of $47.21 million. The business's revenue was up 10.4% on a year-over-year basis. On average, equities analysts forecast that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Institutional Trading of Mitek Systems

Large investors have recently bought and sold shares of the stock. Quarry LP acquired a new position in Mitek Systems in the fourth quarter valued at about $31,000. GAMMA Investing LLC boosted its holdings in shares of Mitek Systems by 1,882.5% in the 1st quarter. GAMMA Investing LLC now owns 3,053 shares of the software maker's stock worth $25,000 after acquiring an additional 2,899 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Mitek Systems in the 4th quarter worth approximately $39,000. Pandora Wealth Inc. bought a new stake in Mitek Systems during the 1st quarter worth approximately $41,000. Finally, Ancora Advisors LLC acquired a new stake in Mitek Systems during the 4th quarter valued at $67,000. 83.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Mitek Systems from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 30th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $12.88.

About Mitek Systems

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.