Mitek Systems (NASDAQ:MITK) Shares Pass Above 200 Day Moving Average - Here's Why

Key Points

• Mitek Systems shares recently crossed above their 200-day moving average, reaching a high of $9.41 during trading, indicating potential upward momentum.
• Analysts have mixed views on the stock, with ratings varying from "strong-buy" to "hold," and an average target price set at $13.50.
• Recent trading shows institutional investors significantly increasing their stakes, with 83.64% of the stock now owned by these entities.

Shares of Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $9.36 and traded as high as $9.41. Mitek Systems shares last traded at $9.05, with a volume of 381,756 shares traded.

Analyst Upgrades and Downgrades

MITK has been the subject of a number of analyst reports. Wall Street Zen lowered Mitek Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Mitek Systems in a report on Saturday, September 27th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $13.50.

Mitek Systems Trading Down 3.1%

The business's fifty day simple moving average is $9.89 and its two-hundred day simple moving average is $9.36. The stock has a market capitalization of $413.13 million, a P/E ratio of 27.42 and a beta of 1.07.

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its quarterly earnings results on Tuesday, June 3rd. The software maker reported $0.36 earnings per share for the quarter. The firm had revenue of $51.93 million during the quarter. Mitek Systems had a net margin of 8.71% and a return on equity of 17.26%. On average, equities research analysts anticipate that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Hedge Funds Weigh In On Mitek Systems

Several institutional investors have recently added to or reduced their stakes in MITK. GAMMA Investing LLC lifted its holdings in Mitek Systems by 1,882.5% during the 1st quarter. GAMMA Investing LLC now owns 3,053 shares of the software maker's stock valued at $25,000 after purchasing an additional 2,899 shares during the last quarter. Pandora Wealth Inc. acquired a new position in Mitek Systems during the first quarter valued at approximately $41,000. Tower Research Capital LLC TRC lifted its stake in 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 buying an additional 4,586 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in Mitek Systems by 24.4% in the first quarter. Harbor Capital Advisors Inc. now owns 11,083 shares of the software maker's stock valued at $91,000 after buying an additional 2,175 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new stake in shares of Mitek Systems in the second quarter worth $136,000. 83.64% of the stock is owned by institutional investors.

Mitek Systems Company Profile

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.

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