Mitek Systems (NASDAQ:MITK) Downgraded by Zacks Research to Hold

Key Points

• Zacks Research downgraded Mitek Systems from a "strong-buy" to a "hold," and analyst coverage is mixed overall with an average rating of "Hold" and an average price target of $16.
• Mitek beat quarterly expectations (EPS $0.26 vs. $0.20 estimate; revenue $44.24M vs. $42.44M) and analysts forecast about 0.59 EPS for the current year.
• Shares rose roughly 7.9% to $15.15 on the news; the company has a market cap of $686.6M, a P/E of 43.3, and institutional investors own about 83.6% of the stock.

Mitek Systems (NASDAQ:MITK - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Thursday,Zacks.com reports.

MITK has been the topic of several other research reports. Jefferies Financial Group upgraded shares of Mitek Systems from a "hold" rating to a "buy" rating and raised their price objective for the company from $11.00 to $15.00 in a research report on Friday, February 13th. Wall Street Zen upgraded shares of Mitek Systems from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 7th. Weiss Ratings restated a "hold (c)" rating on shares of Mitek Systems in a research report on Friday, March 27th. Finally, Northland Securities set a $17.00 price objective on shares of Mitek Systems in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $16.00.

Mitek Systems Trading Up 7.9%

Shares of MITK stock opened at $15.15 on Thursday. The stock has a market capitalization of $686.60 million, a P/E ratio of 43.29 and a beta of 1.03. The firm's 50 day moving average is $13.86 and its 200 day moving average is $11.15. Mitek Systems has a 12 month low of $7.54 and a 12 month high of $15.61.

Mitek Systems (NASDAQ:MITK - Get Free Report) last announced its quarterly earnings results on Thursday, February 5th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. The firm had revenue of $44.24 million during the quarter, compared to the consensus estimate of $42.44 million. On average, equities analysts predict that Mitek Systems will post 0.59 EPS for the current year.

Institutional Investors Weigh In On Mitek Systems

Large investors have recently added to or reduced their stakes in the company. Inspire Investing LLC bought a new stake in Mitek Systems in the 3rd quarter worth $1,005,000. Topline Capital Management LLC lifted its position in Mitek Systems by 99.6% during the 3rd quarter. Topline Capital Management LLC now owns 1,055,608 shares of the software maker's stock valued at $10,313,000 after acquiring an additional 526,842 shares during the period. Principal Financial Group Inc. lifted its position in Mitek Systems by 124.5% during the 3rd quarter. Principal Financial Group Inc. now owns 68,944 shares of the software maker's stock valued at $674,000 after acquiring an additional 38,237 shares during the period. Tudor Investment Corp ET AL lifted its position in Mitek Systems by 1,026.3% during the 3rd quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker's stock valued at $2,255,000 after acquiring an additional 210,352 shares during the period. Finally, Skylands Capital LLC lifted its position in Mitek Systems by 140.0% during the 3rd quarter. Skylands Capital LLC now owns 225,296 shares of the software maker's stock valued at $2,201,000 after acquiring an additional 131,421 shares during the period. Institutional investors own 83.64% of the company's stock.

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.

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