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

Mitek Systems (NASDAQ:MITK) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

MITK has been the topic of several other research reports. HC Wainwright reissued a “buy” rating and issued a $19.00 price target on shares of Mitek Systems in a report on Tuesday, May 14th. Craig Hallum increased their price target on shares of Mitek Systems from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th.

Mitek Systems Stock Up 0.5 %

NASDAQ MITK opened at $11.17 on Wednesday. Mitek Systems has a twelve month low of $9.47 and a twelve month high of $16.24. The stock has a market cap of $522.64 million, a PE ratio of -69.81 and a beta of 1.09. The firm has a 50-day simple moving average of $12.38 and a 200 day simple moving average of $12.55. The company has a debt-to-equity ratio of 0.65, a quick ratio of 4.27 and a current ratio of 4.27.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Monday, May 13th. The software maker reported $0.18 EPS for the quarter, missing analysts’ consensus estimates 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. On average, research analysts forecast that Mitek Systems will post 0.73 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of Mitek Systems

Hedge funds and other institutional investors have recently made changes to their positions in the business. Thompson Davis & CO. Inc. bought a new stake in Mitek Systems during the 1st quarter worth about $172,000. New York State Common Retirement Fund grew its stake in shares of Mitek Systems by 60.3% during the fourth quarter. New York State Common Retirement Fund now owns 21,077 shares of the software maker’s stock valued at $275,000 after purchasing an additional 7,929 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Mitek Systems by 13.4% during the first quarter. Assenagon Asset Management S.A. now owns 20,738 shares of the software maker’s stock valued at $292,000 after purchasing an additional 2,457 shares during the last quarter. Aristides Capital LLC increased its holdings in shares of Mitek Systems by 46.0% in the fourth quarter. Aristides Capital LLC now owns 23,108 shares of the software maker’s stock valued at $301,000 after purchasing an additional 7,278 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. bought a new position in Mitek Systems in the 4th quarter worth approximately $332,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

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.