Mitek Systems (NASDAQ:MITK) Trading Up 4.5% - Here's Why

Key Points

• Mitek Systems shares rose 4.5% to about $18.26, although trading volume was 73% below the average session volume.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and a $19.33 average price target, with recent upgrades from “Buy” and “Hold” to “Strong Buy.”
• Mitek exceeded quarterly expectations, reporting $0.34 EPS versus $0.28 expected and $54.04 million in revenue versus $50.82 million forecast; institutional investors own 83.64% of its shares.

Mitek Systems, Inc. (NASDAQ:MITK - Get Free Report)'s share price was up 4.5% on Wednesday . The stock traded as high as $18.18 and last traded at $18.2550. Approximately 239,900 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 889,069 shares. The stock had previously closed at $17.47.

Analyst Ratings Changes

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

Mitek Systems Stock Up 1.8%

The firm has a fifty day simple moving average of $17.93 and a 200 day simple moving average of $16.47. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.74 and a current ratio of 2.74. The company has a market cap of $802.23 million, a PE ratio of 37.86 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK - Get Free Report) last released its 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. The business had revenue of $54.04 million for the quarter, compared to analysts' expectations of $50.82 million. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. Equities research analysts predict that Mitek Systems, Inc. will post 0.91 EPS for the current year.

Institutional Investors Weigh In On Mitek Systems

A number of institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in shares of Mitek Systems by 47.0% in the 2nd quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker's stock valued at $35,834,000 after purchasing an additional 569,379 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Mitek Systems by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,685,657 shares of the software maker's stock valued at $22,756,000 after buying an additional 29,997 shares during the period. Renaissance Technologies LLC lifted its position in Mitek Systems by 9.9% during the first quarter. Renaissance Technologies LLC now owns 430,593 shares of the software maker's stock valued at $5,813,000 after buying an additional 38,793 shares in the last quarter. Skylands Capital LLC lifted its position in Mitek Systems by 30.0% during the first quarter. Skylands Capital LLC now owns 393,400 shares of the software maker's stock valued at $5,311,000 after buying an additional 90,784 shares in the last quarter. Finally, Congruence Capital LLC purchased a new stake in Mitek Systems during the fourth quarter worth approximately $4,106,000. Hedge funds and other institutional investors 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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