Mitek Systems (NASDAQ:MITK) Stock Price Down 5.1% Following Weak Earnings

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report) shares fell 5.1% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $13.41 and last traded at $13.45. 160,923 shares changed hands during trading, a decline of 68% from the average session volume of 499,865 shares. The stock had previously closed at $14.18.

The software maker reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.22 by ($0.04). Mitek Systems had a positive return on equity of 13.13% and a negative net margin of 1.97%. The business had revenue of $46.97 million during the quarter, compared to analyst estimates of $46.49 million.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. StockNews.com downgraded shares of Mitek Systems from a "buy" rating to a "hold" rating in a research report on Friday. HC Wainwright reaffirmed a "buy" rating and issued a $19.00 price objective on shares of Mitek Systems in a research report on Tuesday. Finally, Craig Hallum upped their price objective on shares of Mitek Systems from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Tuesday, April 16th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Covestor Ltd grew its position in shares of Mitek Systems by 32.3% during the 3rd quarter. Covestor Ltd now owns 6,107 shares of the software maker's stock valued at $65,000 after acquiring an additional 1,492 shares during the period. Thompson Davis & CO. Inc. purchased a new stake in shares of Mitek Systems during the 1st quarter valued at approximately $172,000. Principal Financial Group Inc. lifted its stake in shares of Mitek Systems by 30.1% during the 3rd quarter. Principal Financial Group Inc. now owns 17,136 shares of the software maker's stock valued at $184,000 after buying an additional 3,960 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Mitek Systems by 13.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 20,738 shares of the software maker's stock valued at $292,000 after buying an additional 2,457 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of Mitek Systems by 60.3% during the 4th quarter. New York State Common Retirement Fund now owns 21,077 shares of the software maker's stock valued at $275,000 after buying an additional 7,929 shares in the last quarter. 83.64% of the stock is owned by institutional investors.

Mitek Systems Stock Down 2.4 %

The company has a market capitalization of $647.57 million, a PE ratio of -197.69 and a beta of 1.12. The company has a debt-to-equity ratio of 0.64, a quick ratio of 4.70 and a current ratio of 4.70. The stock's 50 day moving average is $13.10 and its 200 day moving average is $12.30.

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.