Mitek Systems (NASDAQ:MITK) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a report released on Wednesday.

Several other analysts have also issued reports on the company. HC Wainwright reissued a buy rating and set a $19.00 price target on shares of Mitek Systems in a report on Tuesday, May 14th. Craig Hallum boosted their price target on Mitek Systems from $17.00 to $19.00 and gave the company a buy rating in a report on Tuesday, April 16th.

Mitek Systems Stock Performance

Shares of MITK opened at $11.27 on Wednesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 4.27 and a quick ratio of 4.27. Mitek Systems has a one year low of $9.47 and a one year high of $16.24. The firm has a market capitalization of $527.32 million, a P/E ratio of -70.44 and a beta of 1.07. The business has a fifty day moving average of $12.74 and a 200 day moving average of $12.56.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Monday, May 13th. The software maker reported $0.18 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.04). Mitek Systems had a positive return on equity of 11.71% and a negative net margin of 4.49%. The firm had revenue of $46.97 million during the quarter, compared to the consensus estimate of $46.49 million. As a group, sell-side analysts anticipate that Mitek Systems will post 0.73 EPS for the current year.

Insider Activity

In other news, Director Donna Wells sold 16,839 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $12.46, for a total value of $209,813.94. Following the transaction, the director now directly owns 38,552 shares in the company, valued at $480,357.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Christopher H. Briggs sold 24,000 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $11.10, for a total value of $266,400.00. Following the transaction, the senior vice president now directly owns 68,673 shares in the company, valued at $762,270.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donna Wells sold 16,839 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $12.46, for a total value of $209,813.94. Following the completion of the transaction, the director now owns 38,552 shares in the company, valued at $480,357.92. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Mitek Systems

A number of hedge funds have recently made changes to their positions in MITK. Covestor Ltd grew its holdings in Mitek Systems by 32.3% during the 3rd quarter. Covestor Ltd now owns 6,107 shares of the software maker’s stock valued at $65,000 after buying an additional 1,492 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Mitek Systems by 424.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 53,549 shares of the software maker’s stock valued at $574,000 after acquiring an additional 43,345 shares during the last quarter. Nomura Holdings Inc. grew its holdings in shares of Mitek Systems by 127.7% in the third quarter. Nomura Holdings Inc. now owns 51,000 shares of the software maker’s stock valued at $547,000 after purchasing an additional 28,600 shares in the last quarter. B. Riley Asset Management LLC increased its position in Mitek Systems by 28.9% in the third quarter. B. Riley Asset Management LLC now owns 718,981 shares of the software maker’s stock worth $7,707,000 after purchasing an additional 161,246 shares during the last quarter. Finally, Akaris Global Partners LP purchased a new stake in Mitek Systems during the third quarter valued at $440,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Mitek Systems Company Profile

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.