Mitek Systems (NASDAQ:MITK) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Mitek Systems shares crossed above their 200-day moving average, reaching $17.50 and closing near $17.46, compared with a 200-day average of $16.71.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and an average price target of $19.33, with several firms recently upgrading it to “Strong Buy.”
• Mitek exceeded quarterly expectations, reporting EPS of $0.34 versus $0.28 expected and revenue of $54.04 million versus the $50.82 million consensus estimate; institutional investors own 83.64% of its shares.

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report) passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $16.71 and traded as high as $17.50. Mitek Systems shares last traded at $17.46, with a volume of 536,440 shares traded.

Analyst Ratings Changes

A number of brokerages have recently commented on MITK. Maxim Group set a $26.00 price objective on shares of Mitek Systems in a research report on Friday, August 7th. Wall Street Zen raised Mitek Systems from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Zacks Research upgraded Mitek Systems from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 18th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Mitek Systems in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $19.33.

Mitek Systems Trading Down 0.1%

The firm has a market cap of $787.80 million, a P/E ratio of 37.15 and a beta of 0.94. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.19. The company's fifty day moving average price is $17.87 and its two-hundred day moving average price is $16.71.

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, beating the consensus estimate of $0.28 by $0.06. The firm had revenue of $54.04 million during the quarter, compared to the consensus estimate of $50.82 million. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. As a group, sell-side analysts predict that Mitek Systems, Inc. will post 0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC acquired a new stake in Mitek Systems during the 2nd quarter valued at $42,000. SummitTX Capital L.P. acquired a new position in Mitek Systems in the first quarter worth $140,000. Abel Hall LLC acquired a new position in Mitek Systems in the first quarter worth $176,000. Bank of Nova Scotia bought a new stake in shares of Mitek Systems during the first quarter worth $299,000. Finally, Delphi Management Inc. MA bought a new stake in shares of Mitek Systems during the first quarter worth $366,000. 83.64% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Company Profile

Mitek Systems, Inc develops software for digital identity verification, fraud prevention and mobile banking. Its technology enables organizations to capture, authenticate and process information from checks, identity documents and other sources through smartphones and digital channels.

The company's products include Mobile Deposit, which allows consumers to deposit checks remotely, as well as identity-verification and document-authentication solutions designed to support account opening, customer onboarding and ongoing access to digital services.

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