Mitek Systems (NASDAQ:MITK) Stock Passes Above 200 Day Moving Average - What's Next?

Key Points

• Mitek Systems shares crossed above their 200-day moving average, reaching $17.27 before closing at $17.14, up 2.5%. The stock’s 200-day average is $16.46.
• Analysts are broadly bullish, with a consensus “Buy” rating and an average price target of $19.33; Maxim Group set the highest cited target at $26.00.
• Mitek exceeded quarterly expectations, reporting $0.34 in EPS versus a $0.28 estimate and revenue of $54.04 million versus $50.82 million expected. Institutional investors own 83.64% of the company.

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $16.46 and traded as high as $17.27. Mitek Systems shares last traded at $17.14, with a volume of 577,895 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Weiss Ratings reiterated a "hold (c+)" rating on shares of Mitek Systems in a research report on Friday, August 7th. Wall Street Zen upgraded shares of Mitek Systems from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Zacks Research raised Mitek Systems from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 18th. Finally, Maxim Group set a $26.00 price target on Mitek Systems in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $19.33.

Mitek Systems Stock Up 2.5%

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.74 and a quick ratio of 2.74. The firm has a 50-day moving average of $17.97 and a 200 day moving average of $16.46. The stock has a market capitalization of $773.36 million, a price-to-earnings ratio of 36.47 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.06. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. The firm had revenue of $54.04 million for the quarter, compared to analyst estimates of $50.82 million. As a group, sell-side analysts forecast that Mitek Systems, Inc. will post 0.91 earnings per share for the current fiscal year.

Institutional Trading of Mitek Systems

A number of hedge funds have recently modified their holdings of MITK. Integrated Wealth Concepts LLC bought a new stake in shares of Mitek Systems during the 2nd quarter worth about $42,000. Squarepoint Ops LLC raised its holdings in 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 acquiring an additional 67,930 shares during the period. Corient Private Wealth LP acquired a new stake in Mitek Systems during the second quarter worth approximately $668,000. Wellington Management Group LLP lifted its position in Mitek Systems by 47.0% during the second quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker's stock worth $35,834,000 after acquiring an additional 569,379 shares during the last quarter. Finally, Globeflex Capital L P acquired a new stake in Mitek Systems during the second quarter worth approximately $642,000. Institutional investors and hedge funds own 83.64% of the company's stock.

About Mitek Systems

Mitek Systems, Inc NASDAQ: MITK develops digital identity verification and mobile capture software for financial institutions, fintech companies and other businesses. Its technology helps organizations verify identities, authenticate users and automate the submission and processing of documents and checks through digital channels.

The company's offerings include mobile check deposit and check-processing solutions, as well as identity verification products that use document recognition, facial biometrics and liveness detection.

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