Mitek Systems (NASDAQ:MITK) Shares Cross Above Two Hundred Day Moving Average - What's Next?

Key Points

• Mitek Systems' stock recently crossed above its two hundred day moving average, trading as high as $10.20, with a current price of $10.12.
• Analysts have lowered the rating for Mitek Systems from a "strong-buy" to a "buy," with a consensus rating of "Moderate Buy" and an average price target of $12.17.
• Insider Michael E. Diamond sold over 70,000 shares, decreasing his ownership by 23.17% to approximately 233,340 shares.

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $9.25 and traded as high as $10.20. Mitek Systems shares last traded at $10.12, with a volume of 380,660 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded shares of Mitek Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $12.17.

Mitek Systems Stock Down 1.3%

The company has a market cap of $475.44 million, a price-to-earnings ratio of 31.58 and a beta of 1.13. The company's 50-day moving average is $9.69 and its 200 day moving average is $9.25.

Insider Buying and Selling

In related news, insider Michael E. Diamond sold 70,352 shares of the firm's stock in a transaction on 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 owned 233,340 shares in the company, valued at approximately $2,279,731.80. This trade represents a 23.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company's stock.

Institutional Trading of Mitek Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Mitek Systems by 0.3% during the first quarter. Vanguard Group Inc. now owns 3,564,891 shares of the software maker's stock valued at $29,410,000 after buying an additional 10,073 shares during the period. Legal & General Group Plc raised its position in Mitek Systems by 1.3% during the second quarter. Legal & General Group Plc now owns 3,009,368 shares of the software maker's stock worth $29,793,000 after acquiring an additional 38,612 shares during the period. Invesco Ltd. raised its position in Mitek Systems by 5.1% during the second quarter. Invesco Ltd. now owns 1,890,484 shares of the software maker's stock worth $18,716,000 after acquiring an additional 92,494 shares during the period. Dimensional Fund Advisors LP raised its position in Mitek Systems by 6.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,798,287 shares of the software maker's stock worth $20,016,000 after acquiring an additional 112,513 shares during the period. Finally, Marshall Wace LLP raised its position in Mitek Systems by 25.1% during the second quarter. Marshall Wace LLP now owns 1,352,786 shares of the software maker's stock worth $13,393,000 after acquiring an additional 271,498 shares during the period. Institutional investors and hedge funds own 83.64% of the company's stock.

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.