Mitek Systems Target of Unusually High Options Trading (NASDAQ:MITK)

Key Points

• Traders bought an unusually high number of call options — 4,012 calls, an increase of 824% over the typical volume — signaling heightened bullish interest in Mitek Systems (MITK).
• Several analysts raised their stance on the stock, with Jefferies upgrading to a Buy and lifting the price target to $15.00, and Wall Street Zen moving to a Strong-Buy, leaving the consensus rating at "Moderate Buy."
• Mitek reported a quarterly beat (EPS $0.26 vs. $0.20 expected and revenue $44.24M vs. $42.44M expected); the stock traded around $15.22, has a market cap of about $689.8M and institutional ownership of 83.64%.

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report) was the target of some unusual options trading on Friday. Stock investors purchased 4,012 call options on the stock. This represents an increase of 824% compared to the typical volume of 434 call options.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wall Street Zen upgraded Mitek Systems from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Mitek Systems in a research note on Monday, December 29th. Finally, Jefferies Financial Group raised shares of Mitek Systems from a "hold" rating to a "buy" rating and upped their price objective for the stock from $11.00 to $15.00 in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Mitek Systems currently has an average rating of "Moderate Buy" and an average price target of $15.00.

Mitek Systems Stock Up 0.1%

Shares of MITK stock traded up $0.02 on Friday, reaching $15.22. The company had a trading volume of 258,500 shares, compared to its average volume of 785,767. The business's 50-day moving average is $11.52 and its 200 day moving average is $10.28. Mitek Systems has a one year low of $6.93 and a one year high of $15.61. The stock has a market capitalization of $689.77 million, a PE ratio of 43.49 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK - Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.06. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. The business had revenue of $44.24 million during the quarter, compared to analysts' expectations of $42.44 million. On average, sell-side analysts forecast that Mitek Systems will post 0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Mitek Systems

Several hedge funds have recently modified their holdings of MITK. Mak Capital One LLC acquired a new position in Mitek Systems in the 4th quarter worth about $6,690,000. Topline Capital Management LLC acquired a new position in shares of Mitek Systems in the second quarter valued at approximately $5,235,000. CSM Advisors LLC bought a new position in Mitek Systems in the 2nd quarter valued at approximately $5,201,000. Congruence Capital LLC bought a new position in Mitek Systems in the 4th quarter valued at approximately $4,106,000. Finally, Impax Asset Management Group plc boosted its position in Mitek Systems by 40.6% during the 3rd quarter. Impax Asset Management Group plc now owns 1,195,000 shares of the software maker's stock worth $11,675,000 after buying an additional 345,000 shares during the period. Institutional investors and hedge funds own 83.64% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.