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Mitek Systems (NASDAQ:MITK) Stock Crosses Above Two Hundred Day Moving Average - Time to Sell?

Mitek Systems logo with Computer and Technology background

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report)'s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $9.39 and traded as high as $9.60. Mitek Systems shares last traded at $9.44, with a volume of 366,130 shares.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Mitek Systems from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $12.88.

View Our Latest Research Report on MITK

Mitek Systems Stock Performance

The stock's 50-day moving average price is $9.74 and its 200-day moving average price is $9.38. The company has a market capitalization of $427.07 million, a price-to-earnings ratio of 33.71 and a beta of 1.15.

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The software maker reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.10. Mitek Systems had a return on equity of 18.85% and a net margin of 7.51%. The company had revenue of $51.93 million during the quarter, compared to the consensus estimate of $47.21 million. Mitek Systems's revenue for the quarter was up 10.4% compared to the same quarter last year. Analysts anticipate that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Michael E. Diamond sold 70,352 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $9.77, for a total transaction of $687,339.04. Following the transaction, the insider owned 233,340 shares of the company's stock, valued at approximately $2,279,731.80. This trade represents a 23.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mitek Systems

Several institutional investors and hedge funds have recently bought and sold shares of MITK. Millennium Management LLC increased its stake in shares of Mitek Systems by 159.7% during the fourth quarter. Millennium Management LLC now owns 83,390 shares of the software maker's stock valued at $928,000 after acquiring an additional 51,275 shares during the period. Rhumbline Advisers raised its holdings in Mitek Systems by 3.8% in the 1st quarter. Rhumbline Advisers now owns 65,999 shares of the software maker's stock worth $544,000 after acquiring an additional 2,396 shares during the period. Barclays PLC boosted its position in shares of Mitek Systems by 5.0% during the 4th quarter. Barclays PLC now owns 82,142 shares of the software maker's stock valued at $914,000 after acquiring an additional 3,933 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new position in Mitek Systems in the fourth quarter valued at about $272,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Mitek Systems by 3.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,600 shares of the software maker's stock worth $674,000 after acquiring an additional 1,803 shares during the last quarter. Institutional investors and hedge funds own 83.64% of the company's stock.

Mitek Systems Company Profile

(Get Free Report)

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.

Further Reading

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