Mitek Systems (NASDAQ:MITK) Downgraded to "Buy" Rating by Wall Street Zen

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

A number of other research analysts have also recently issued reports on MITK. HC Wainwright reissued a "buy" rating and issued a $13.00 target price on shares of Mitek Systems in a research note on Tuesday, February 11th. Maxim Group boosted 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 analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Mitek Systems has an average rating of "Moderate Buy" and a consensus target price of $12.88.

Mitek Systems Trading Down 0.7%

NASDAQ MITK traded down $0.07 on Thursday, reaching $9.39. The company had a trading volume of 186,384 shares, compared to its average volume of 560,513. The stock's 50 day moving average is $8.52 and its 200-day moving average is $9.39. The stock has a market cap of $424.61 million, a price-to-earnings ratio of 104.33 and a beta of 1.11. The company has a quick ratio of 4.59, a current ratio of 4.59 and a debt-to-equity ratio of 0.73. Mitek Systems has a 52 week low of $6.93 and a 52 week high of $13.72.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. boosted its position in shares of Mitek Systems by 534.4% during the fourth quarter. Invesco Ltd. now owns 1,722,099 shares of the software maker's stock worth $19,167,000 after buying an additional 1,450,652 shares during the period. Marshall Wace LLP boosted its position in shares of Mitek Systems by 2,115.7% during the fourth quarter. Marshall Wace LLP now owns 859,123 shares of the software maker's stock worth $9,562,000 after buying an additional 820,349 shares during the period. Impax Asset Management Group plc acquired a new position in shares of Mitek Systems during the fourth quarter worth about $5,565,000. Phoenix Financial Ltd. acquired a new position in shares of Mitek Systems during the fourth quarter worth about $4,733,000. Finally, Pacer Advisors Inc. acquired a new position in shares of Mitek Systems during the first quarter worth about $2,694,000. 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.