Mitek Systems (NASDAQ:MITK) Raised to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Mitek Systems (NASDAQ:MITK - Free Report) from a buy rating to a strong-buy rating in a research note issued to investors on Saturday.

Mitek Systems Stock Performance

Shares of Mitek Systems stock traded up $0.13 during trading hours on Friday, hitting $9.81. The company's stock had a trading volume of 390,975 shares, compared to its average volume of 552,326. The firm has a fifty day moving average of $9.14 and a 200-day moving average of $9.46. The stock has a market cap of $443.80 million, a price-to-earnings ratio of 35.04 and a beta of 1.15. Mitek Systems has a twelve month low of $6.93 and a twelve month high of $13.72.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its earnings results on Thursday, May 8th. The software maker reported $0.36 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $47.21 million. The business's revenue was up 10.4% compared to the same quarter last year. On average, sell-side analysts expect that Mitek Systems will post 0.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Mitek Systems news, insider Michael E. Diamond sold 70,352 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $9.77, for a total transaction of $687,339.04. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers boosted its stake in shares of Mitek Systems by 3.8% in the 1st quarter. Rhumbline Advisers now owns 65,999 shares of the software maker's stock valued at $544,000 after buying an additional 2,396 shares during the period. Petrus Trust Company LTA lifted its stake in Mitek Systems by 69.3% in the first quarter. Petrus Trust Company LTA now owns 26,510 shares of the software maker's stock worth $219,000 after acquiring an additional 10,853 shares during the last quarter. AQR Capital Management LLC lifted its stake in Mitek Systems by 138.3% in the first quarter. AQR Capital Management LLC now owns 111,967 shares of the software maker's stock worth $924,000 after acquiring an additional 64,980 shares during the last quarter. Graham Capital Management L.P. grew its holdings in Mitek Systems by 72.5% during the 1st quarter. Graham Capital Management L.P. now owns 103,089 shares of the software maker's stock worth $850,000 after acquiring an additional 43,312 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in shares of Mitek Systems in the 1st quarter valued at approximately $385,000. 83.64% of the stock is owned by institutional investors and hedge funds.

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.