Mitek Systems (NASDAQ:MITK) Share Price Passes Above 200 Day Moving Average - Time to Sell?

Key Points

• The stock recently climbed above its 200-day moving average (200‑day MA $10.90), trading as high as $13.92 and last at $13.67 on volume of ~598K shares, signaling a technical breakout.
• Analysts have turned more positive—multiple upgrades (including Wall Street Zen, Zacks and Jefferies) have driven a consensus Buy rating with a consensus price target of $15.00.
• Fundamentals showed strength: Mitek reported an EPS beat ($0.26 vs. $0.20 expected) and revenue of $44.24M (vs. $42.44M expected); the company has a $619M market cap, a P/E of 39.06 and ~83.6% institutional ownership.

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $10.90 and traded as high as $13.92. Mitek Systems shares last traded at $13.67, with a volume of 597,765 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wall Street Zen upgraded Mitek Systems from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 7th. Zacks Research upgraded Mitek Systems from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 18th. Jefferies Financial Group upgraded Mitek Systems from a "hold" rating to a "buy" rating and lifted their price target for the stock from $11.00 to $15.00 in a report on Friday, February 13th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Mitek Systems in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $15.00.

Mitek Systems Stock Down 1.7%

The company has a market cap of $619.47 million, a P/E ratio of 39.06 and a beta of 1.03. The business has a fifty day moving average price of $13.15 and a 200-day moving average price of $10.90.

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.06. Mitek Systems had a return on equity of 16.86% and a net margin of 8.67%.The company had revenue of $44.24 million during the quarter, compared to analysts' expectations of $42.44 million. As a group, research analysts expect that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Institutional Investors Weigh In On Mitek Systems

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Mitek Systems by 5.6% during the third quarter. Vanguard Group Inc. now owns 3,717,031 shares of the software maker's stock worth $36,315,000 after acquiring an additional 198,068 shares during the period. Invesco Ltd. boosted its holdings in shares of Mitek Systems by 0.5% during the fourth quarter. Invesco Ltd. now owns 1,919,576 shares of the software maker's stock worth $20,252,000 after acquiring an additional 10,105 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Mitek Systems by 2.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,655,660 shares of the software maker's stock worth $17,467,000 after acquiring an additional 35,091 shares during the period. Marshall Wace LLP boosted its stake in shares of Mitek Systems by 25.1% in the second quarter. Marshall Wace LLP now owns 1,352,786 shares of the software maker's stock valued at $13,393,000 after buying an additional 271,498 shares during the period. Finally, Impax Asset Management Group plc boosted its stake in shares of Mitek Systems by 8.4% in the fourth quarter. Impax Asset Management Group plc now owns 1,295,000 shares of the software maker's stock valued at $13,662,000 after buying an additional 100,000 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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