Insider Selling: Mitek Systems, Inc. (NASDAQ:MITK) Insider Sells 70,352 Shares of Stock

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

Mitek Systems Trading Down 1.1%

Shares of NASDAQ MITK traded down $0.11 during mid-day trading on Friday, reaching $9.46. The company had a trading volume of 1,314,980 shares, compared to its average volume of 553,774. The company has a 50-day moving average price of $9.07 and a two-hundred day moving average price of $9.45. The stock has a market cap of $427.97 million, a PE ratio of 33.79 and a beta of 1.15. 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 released its quarterly earnings results on Thursday, May 8th. The software maker reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.10. Mitek Systems had a return on equity of 18.85% and a net margin of 7.51%. The business had revenue of $51.93 million during the quarter, compared to analyst estimates of $47.21 million. The company's revenue for the quarter was up 10.4% compared to the same quarter last year. On average, research analysts expect that Mitek Systems, Inc. will post 0.59 EPS for the current year.

Wall Street Analyst Weigh In

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

Institutional Trading of Mitek Systems

A number of hedge funds have recently made changes to their positions in MITK. Invesco Ltd. lifted its stake in shares of Mitek Systems by 534.4% in the fourth quarter. Invesco Ltd. now owns 1,722,099 shares of the software maker's stock worth $19,167,000 after buying an additional 1,450,652 shares during the last quarter. Marshall Wace LLP boosted its stake in Mitek Systems by 2,115.7% during the fourth quarter. Marshall Wace LLP now owns 859,123 shares of the software maker's stock worth $9,562,000 after buying an additional 820,349 shares in the last quarter. Impax Asset Management Group plc bought a new stake in Mitek Systems in the fourth quarter valued at about $5,565,000. Phoenix Financial Ltd. bought a new stake in shares of Mitek Systems in the 4th quarter valued at approximately $4,733,000. Finally, Pacer Advisors Inc. bought a new stake in Mitek Systems in the first quarter valued at $2,694,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

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.