Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report)'s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $11.61 and traded as high as $15.78. Mitek Systems shares last traded at $15.36, with a volume of 1,413,025 shares.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on MITK shares. Zacks Research cut shares of Mitek Systems from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 16th. Northland Securities set a $17.00 price target on shares of Mitek Systems in a report on Wednesday, April 15th. Jefferies Financial Group raised shares of Mitek Systems from a "hold" rating to a "buy" rating and boosted their price target for the company from $11.00 to $15.00 in a research report on Friday, February 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Mitek Systems in a research report on Friday, March 27th. Finally, Wall Street Zen raised shares of Mitek Systems from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 7th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $16.00.
Read Our Latest Research Report on MITK
Mitek Systems Stock Up 0.9%
The firm's 50-day moving average price is $14.33 and its 200-day moving average price is $11.61. The company has a market cap of $696.12 million, a P/E ratio of 43.89 and a beta of 0.95.
Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.04. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. The company had revenue of $54.84 million for the quarter, compared to analyst estimates of $52.59 million. As a group, analysts forecast that Mitek Systems, Inc. will post 0.88 earnings per share for the current year.
Insider Buying and Selling
In related news, COO Garrett Gafke sold 152,529 shares of the business's stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total transaction of $2,123,203.68. Following the completion of the transaction, the chief operating officer owned 265,387 shares of the company's stock, valued at approximately $3,694,187.04. The trade was a 36.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.20% of the company's stock.
Hedge Funds Weigh In On Mitek Systems
Several hedge funds have recently bought and sold shares of MITK. New York State Teachers Retirement System purchased a new position in Mitek Systems during the third quarter valued at approximately $39,000. Tower Research Capital LLC TRC grew its stake 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 valued at $60,000 after acquiring an additional 4,586 shares in the last quarter. State of Alaska Department of Revenue grew its stake 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 valued at $85,000 after acquiring an additional 6,082 shares in the last quarter. Russell Investments Group Ltd. grew its stake 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 valued at $97,000 after acquiring an additional 9,706 shares in the last quarter. Finally, AXQ Capital LP purchased a new position in Mitek Systems during the fourth quarter valued at approximately $117,000. Hedge funds and other institutional investors own 83.64% of the company's stock.
About Mitek Systems
(
Get Free Report)
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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