Wall Street Zen Downgrades Mitek Systems (NASDAQ:MITK) to Buy

Mitek Systems (NASDAQ:MITK - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Thursday.

Other equities research analysts have also recently issued research reports about the company. HC Wainwright reaffirmed a "buy" rating and set a $13.00 price target on shares of Mitek Systems in a report on Tuesday, February 11th. Maxim Group lifted their target price on Mitek Systems from $13.00 to $14.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $12.88.

Mitek Systems Stock Performance

MITK traded up $0.10 during trading on Thursday, reaching $9.65. 47,867 shares of the company were exchanged, compared to its average volume of 560,318. Mitek Systems has a 52 week low of $6.93 and a 52 week high of $13.72. 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 firm has a 50 day moving average of $8.49 and a 200 day moving average of $9.38. The stock has a market cap of $436.38 million, a P/E ratio of 107.33 and a beta of 1.11.

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

Institutional Trading of Mitek Systems

Institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC increased its stake in shares of Mitek Systems by 1,882.5% during the first quarter. GAMMA Investing LLC now owns 3,053 shares of the software maker's stock valued at $25,000 after acquiring an additional 2,899 shares during the period. Quarry LP acquired a new position in shares of Mitek Systems during the 4th quarter valued at $31,000. Canada Pension Plan Investment Board acquired a new position in shares of Mitek Systems during the 4th quarter valued at $39,000. Pandora Wealth Inc. bought a new stake in shares of Mitek Systems in the 1st quarter worth $41,000. Finally, Ancora Advisors LLC acquired a new stake in shares of Mitek Systems in the fourth quarter valued at $67,000. 83.64% of the stock is owned by institutional investors and hedge funds.

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.

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