Mitek Systems (NASDAQ:MITK) Upgraded at StockNews.com

Mitek Systems (NASDAQ:MITK - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "buy" rating to a "strong-buy" rating in a note issued to investors on Monday.

Several other analysts also recently weighed in on MITK. Maxim Group boosted their price target on shares of Mitek Systems from $13.00 to $14.00 and gave the stock a "buy" rating in a research note on Tuesday, February 11th. HC Wainwright reissued a "buy" rating and issued a $13.00 price target on shares of Mitek Systems in a research note on Tuesday, February 11th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $12.88.

Mitek Systems Stock Up 1.2%

Shares of MITK traded up $0.12 on Monday, reaching $9.77. The company's stock had a trading volume of 427,566 shares, compared to its average volume of 565,121. Mitek Systems has a twelve month low of $6.93 and a twelve month high of $13.93. The firm has a fifty day moving average of $8.44 and a 200-day moving average of $9.36. The company has a current ratio of 4.59, a quick ratio of 4.59 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $442.03 million, a PE ratio of 108.56 and a beta of 1.11.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The software maker reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.10. Mitek Systems had a net margin of 2.59% and a return on equity of 16.53%. The company had revenue of $51.93 million for the quarter, compared to analysts' expectations of $47.21 million. The company's revenue for the quarter was up 10.4% compared to the same quarter last year. Equities analysts predict that Mitek Systems will post 0.59 EPS for the current year.

Insider Activity

In related news, CEO Edward H. West bought 55,000 shares of the business's stock in a transaction that occurred on Thursday, February 20th. The stock was bought at an average cost of $9.21 per share, with a total value of $506,550.00. Following the completion of the purchase, the chief executive officer now owns 55,000 shares of the company's stock, valued at approximately $506,550. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On Mitek Systems

Several hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of Mitek Systems by 1,882.5% in the first quarter. GAMMA Investing LLC now owns 3,053 shares of the software maker's stock worth $25,000 after purchasing an additional 2,899 shares during the last quarter. Quarry LP bought a new position in shares of Mitek Systems in the fourth quarter worth about $31,000. Canada Pension Plan Investment Board bought a new position in shares of Mitek Systems in the fourth quarter worth about $39,000. Pandora Wealth Inc. bought a new position in shares of Mitek Systems in the first quarter worth about $41,000. Finally, Ancora Advisors LLC bought a new position in shares of Mitek Systems in the fourth quarter worth about $67,000. 83.64% of the stock is currently owned by institutional investors.

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.