Mitek Systems (NASDAQ:MITK) Sees Large Volume Increase Following Analyst Upgrade

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report) shares saw unusually-strong trading volume on Wednesday after StockNews.com upgraded the stock from a hold rating to a buy rating. Approximately 259,181 shares traded hands during trading, a decline of 43% from the previous session's volume of 452,101 shares.The stock last traded at $13.11 and had previously closed at $13.39.

MITK has been the subject of a number of other research reports. Craig Hallum upped their price target on Mitek Systems from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Tuesday. HC Wainwright reissued a "buy" rating and issued a $19.00 price objective on shares of Mitek Systems in a report on Tuesday.

Institutional Investors Weigh In On Mitek Systems

Several large investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC lifted its holdings in Mitek Systems by 88.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the software maker's stock valued at $29,000 after purchasing an additional 1,475 shares during the last quarter. Point72 Middle East FZE acquired a new stake in Mitek Systems during the 4th quarter valued at $40,000. Quarry LP lifted its holdings in Mitek Systems by 536.0% during the 1st quarter. Quarry LP now owns 4,738 shares of the software maker's stock valued at $45,000 after purchasing an additional 3,993 shares during the last quarter. Royal Bank of Canada lifted its holdings in Mitek Systems by 66.4% during the 3rd quarter. Royal Bank of Canada now owns 4,954 shares of the software maker's stock valued at $46,000 after purchasing an additional 1,977 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in 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 purchasing an additional 1,492 shares during the last quarter. Institutional investors and hedge funds own 83.64% of the company's stock.

Mitek Systems Stock Down 9.1 %

The firm has a fifty day simple moving average of $12.70 and a 200-day simple moving average of $11.95. The firm has a market cap of $569.43 million, a price-to-earnings ratio of -173.83 and a beta of 1.09. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.69 and a current ratio of 3.69.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its quarterly earnings data on Tuesday, March 19th. The software maker reported $0.10 earnings per share for the quarter. The firm had revenue of $37.66 million for the quarter. Mitek Systems had a return on equity of 17.83% and a net margin of 4.25%. As a group, sell-side analysts expect that Mitek Systems, Inc. will post 0.82 EPS for the current year.

About Mitek Systems

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.