Mitek Systems (NASDAQ:MITK) Shares Cross Above 200 Day Moving Average - Should You Sell?

Key Points

• Mitek Systems shares crossed above their 200-day moving average, reaching $16.96 and last trading at $16.88, up 6.9%.
• Analyst sentiment is mixed: one analyst rates the stock Buy and two rate it Hold, resulting in an overall “Hold” consensus and an average price target of $19.33.
• Mitek exceeded quarterly expectations, reporting $0.34 in earnings per share versus $0.28 expected and revenue of $54.04 million versus $50.82 million forecast; institutional investors own 83.64% of its shares.

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report) crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $16.83 and traded as high as $16.96. Mitek Systems shares last traded at $16.88, with a volume of 930,499 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wall Street Zen raised shares of Mitek Systems from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Weiss Ratings restated a "hold (c+)" rating on shares of Mitek Systems in a research note on Friday, August 7th. Zacks Research lowered shares of Mitek Systems from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 6th. Finally, Maxim Group set a $26.00 price target on shares of Mitek Systems in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Mitek Systems has an average rating of "Hold" and a consensus target price of $19.33.

Mitek Systems Trading Up 6.9%

The company has a market cap of $761.66 million, a P/E ratio of 35.92 and a beta of 0.94. The business has a fifty day simple moving average of $17.85 and a 200 day simple moving average of $16.83. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.74 and a current ratio of 2.74.

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

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds have recently added to or reduced their stakes in the business. Ellsworth Advisors LLC acquired a new stake in shares of Mitek Systems during the third quarter worth $892,000. State of Alaska Department of Revenue lifted its position in shares of Mitek Systems by 8.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 8,744 shares of the software maker's stock worth $148,000 after buying an additional 669 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Mitek Systems in the 2nd quarter valued at about $42,000. Squarepoint Ops LLC boosted its holdings in shares of Mitek Systems by 97.0% in the 2nd quarter. Squarepoint Ops LLC now owns 137,963 shares of the software maker's stock valued at $2,777,000 after buying an additional 67,930 shares during the period. Finally, Corient Private Wealth LP acquired a new position in shares of Mitek Systems in the 2nd quarter valued at about $668,000. Institutional investors and hedge funds own 83.64% of the company's stock.

About Mitek Systems

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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