Mitek Systems (NASDAQ:MITK) COO Sells $2,123,203.68 in Stock

Key Points

• COO Garrett Gafke sold 152,529 shares at an average of $13.92 for a total of $2,123,203.68, reducing his stake by 36.5% to 265,387 shares.
• MITK traded around $14.06 (down $0.02) with a market cap of about $637.1M, a P/E of 40.17 and a 52-week range of $8.07–$15.80, indicating the stock is near its recent high.
• Mitek beat the prior-quarter estimates with EPS $0.26 vs. $0.20 and revenue $44.24M vs. $42.44M, but analysts remain mixed with a consensus "Hold" and a $16.00 target.

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report) COO Garrett Gafke sold 152,529 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $13.92, for a total value of $2,123,203.68. Following the completion of the sale, the chief operating officer directly owned 265,387 shares in the company, valued at $3,694,187.04. This represents a 36.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Mitek Systems Stock Down 0.1%

NASDAQ MITK traded down $0.02 during trading hours on Tuesday, hitting $14.06. The company had a trading volume of 877,500 shares, compared to its average volume of 826,338. Mitek Systems, Inc. has a fifty-two week low of $8.07 and a fifty-two week high of $15.80. The business has a fifty day simple moving average of $14.15 and a 200-day simple moving average of $11.38. The firm has a market cap of $637.14 million, a P/E ratio of 40.17 and a beta of 1.03.

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its earnings results on Thursday, February 5th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. Mitek Systems had a return on equity of 16.86% and a net margin of 8.67%.The firm had revenue of $44.24 million for the quarter, compared to analyst estimates of $42.44 million. Equities analysts forecast that Mitek Systems, Inc. will post 0.88 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MITK. New York State Teachers Retirement System acquired a new position in Mitek Systems during the third quarter worth about $39,000. Tower Research Capital LLC TRC grew its holdings in Mitek Systems by 320.3% during the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker's stock worth $60,000 after acquiring an additional 4,586 shares during the period. State of Alaska Department of Revenue grew its holdings in Mitek Systems by 305.2% during the fourth quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker's stock worth $85,000 after acquiring an additional 6,082 shares during the period. Russell Investments Group Ltd. grew its holdings in Mitek Systems by 4,147.9% during the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker's stock worth $97,000 after acquiring an additional 9,706 shares during the period. Finally, AXQ Capital LP acquired a new position in Mitek Systems during the fourth quarter worth about $117,000. 83.64% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.