Mitek Systems (NASDAQ:MITK) Shares Pass Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Mitek Systems shares have recently surpassed their 200-day moving average, trading as high as $10.05 before last closing at $9.90.
• Wall Street analysts have downgraded Mitek's stock rating from "strong-buy" to "buy", but it still holds an average rating of "Buy" with a consensus price target of $13.50.
• Institutional investors own 83.64% of Mitek's stock, with notable increases in stakes from firms like Northern Trust Corp and Deutsche Bank AG in the recent quarter.

Shares of Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $9.27 and traded as high as $10.05. Mitek Systems shares last traded at $9.90, with a volume of 384,857 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut Mitek Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, Mitek Systems presently has an average rating of "Buy" and a consensus target price of $13.50.

Mitek Systems Stock Down 1.6%

The firm has a market capitalization of $465.17 million, a PE ratio of 30.88 and a beta of 1.06. The stock has a 50-day moving average price of $9.76 and a 200 day moving average price of $9.29.

Institutional Trading of Mitek Systems

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Mitek Systems by 1,882.5% during the first quarter. GAMMA Investing LLC now owns 3,053 shares of the software maker's stock worth $25,000 after purchasing an additional 2,899 shares in the last quarter. Pandora Wealth Inc. purchased a new stake in shares of Mitek Systems during the first quarter worth approximately $41,000. Tower Research Capital LLC TRC increased its position in shares of 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 worth $60,000 after purchasing an additional 4,586 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Mitek Systems by 24.4% during the first quarter. Harbor Capital Advisors Inc. now owns 11,083 shares of the software maker's stock worth $91,000 after purchasing an additional 2,175 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Mitek Systems during the fourth quarter worth approximately $131,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.