Mitek Systems (NASDAQ:MITK) Upgraded by Zacks Research to "Strong-Buy" Rating

Key Points

• Zacks Research upgraded Mitek Systems to “strong buy” from “hold.” Wall Street Zen also raised its rating to “strong buy,” while the overall analyst consensus remains “buy” with a $19.33 target price.
• Mitek reported quarterly results above expectations, posting $0.34 in EPS versus $0.28 expected and revenue of $54.04 million compared with estimates of $50.82 million.
• Mitek shares opened at $18.88, near the consensus target, with a market capitalization of approximately $851.9 million. Hedge funds and institutional investors own 83.64% of the company.

Mitek Systems (NASDAQ:MITK - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research firms also recently issued reports on MITK. Weiss Ratings reissued a "hold (c+)" rating on shares of Mitek Systems in a research report on Friday, August 7th. Maxim Group set a $26.00 price objective on shares of Mitek Systems in a research note on Friday, August 7th. Finally, Wall Street Zen raised shares of Mitek Systems from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Mitek Systems currently has a consensus rating of "Buy" and a consensus target price of $19.33.

Mitek Systems Stock Performance

Shares of Mitek Systems stock opened at $18.88 on Tuesday. The business has a 50-day simple moving average of $18.12 and a 200 day simple moving average of $15.56. Mitek Systems has a one year low of $8.53 and a one year high of $21.05. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.74 and a quick ratio of 2.74. The firm has a market capitalization of $851.87 million, a price-to-earnings ratio of 40.17 and a beta of 0.98.

Mitek Systems (NASDAQ:MITK - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.06. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%.The business had revenue of $54.04 million for the quarter, compared to analyst estimates of $50.82 million. On average, research analysts anticipate that Mitek Systems will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mitek Systems

Hedge funds have recently bought and sold shares of the company. Mak Capital One LLC purchased a new stake in shares of Mitek Systems in the fourth quarter valued at about $6,690,000. Wellington Management Group LLP boosted its holdings in Mitek Systems by 47.0% during the second quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker's stock worth $35,834,000 after purchasing an additional 569,379 shares during the last quarter. Topline Capital Management LLC purchased a new position in Mitek Systems during the second quarter worth about $5,235,000. Congruence Capital LLC bought a new stake in Mitek Systems in the 4th quarter worth about $4,106,000. Finally, Bank of New York Mellon Corp bought a new stake in Mitek Systems in the 2nd quarter worth about $5,322,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

About Mitek Systems

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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