Mitek Systems (NASDAQ:MITK) Hits New 52-Week High - Here's Why

Key Points

• Mitek Systems hit a new 52-week high, trading as high as $15.80 and last at $15.5030, up about 4.7% on volume of 299,471 shares.
• Analysts are mixed: the consensus rating is "Hold" with an average price target of $16.00, despite upgrades from Jefferies and Wall Street Zen and a $17 target from Northland.
• The company beat the latest quarter's estimates with EPS of $0.26 vs. $0.20 and revenue of $44.24M vs. $42.44M; Mitek has a market cap of ~$709M, a P/E of 44.7, and roughly 83.6% institutional ownership.

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $15.80 and last traded at $15.5030, with a volume of 299471 shares. The stock had previously closed at $14.95.

Wall Street Analyst Weigh In

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

Mitek Systems Stock Up 4.7%

The firm's 50-day moving average price is $13.93 and its 200 day moving average price is $11.20. The company has a market capitalization of $709.17 million, a P/E ratio of 44.71 and a beta of 1.03.

Mitek Systems (NASDAQ:MITK - Get Free Report) last released its quarterly 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. The business had revenue of $44.24 million for the quarter, compared to analysts' expectations of $42.44 million. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. As a group, equities research analysts expect that Mitek Systems, Inc. will post 0.88 EPS for the current year.

Institutional Trading of Mitek Systems

Several hedge funds and other institutional investors have recently modified their holdings of MITK. New York State Teachers Retirement System bought a new stake in shares of Mitek Systems in the third quarter valued at approximately $39,000. Tower Research Capital LLC TRC raised its position in shares of Mitek Systems by 320.3% in the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker's stock valued at $60,000 after purchasing an additional 4,586 shares during the period. State of Alaska Department of Revenue raised its position in shares of Mitek Systems by 305.2% in the fourth quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker's stock valued at $85,000 after purchasing an additional 6,082 shares during the period. Russell Investments Group Ltd. raised its position in shares of Mitek Systems by 4,147.9% in the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker's stock valued at $97,000 after purchasing an additional 9,706 shares during the period. Finally, AXQ Capital LP bought a new stake in shares of Mitek Systems in the fourth quarter valued at approximately $117,000. Institutional investors own 83.64% of the company's stock.

About Mitek Systems

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.