StockNews.com Downgrades Mitek Systems (NASDAQ:MITK) to Hold

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

Several other equities analysts have also recently weighed in on MITK. Jefferies Financial Group cut Mitek Systems from a “buy” rating to a “hold” rating and lowered their target price for the company from $17.00 to $9.50 in a research note on Wednesday, September 4th. Craig Hallum dropped their price objective on shares of Mitek Systems from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Maxim Group decreased their target price on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, HC Wainwright dropped their price target on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.13.

Mitek Systems Stock Performance

Shares of Mitek Systems stock opened at $8.78 on Tuesday. The stock has a market cap of $405.67 million, a PE ratio of -58.53 and a beta of 1.07. Mitek Systems has a 12 month low of $7.35 and a 12 month high of $16.24. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68. The business has a fifty day simple moving average of $8.80 and a 200-day simple moving average of $10.44.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Mitek Systems by 4.1% during the first quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock worth $49,599,000 after buying an additional 138,438 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Mitek Systems by 8.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock valued at $18,531,000 after acquiring an additional 128,282 shares during the last quarter. State Street Corp raised its stake in shares of Mitek Systems by 3.8% in the 3rd quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock valued at $11,326,000 after acquiring an additional 47,418 shares in the last quarter. Thompson Siegel & Walmsley LLC raised its stake in shares of Mitek Systems by 259.9% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock valued at $8,567,000 after acquiring an additional 553,379 shares in the last quarter. Finally, LSV Asset Management lifted its holdings in Mitek Systems by 0.4% in the 2nd quarter. LSV Asset Management now owns 738,799 shares of the software maker’s stock worth $8,260,000 after purchasing an additional 2,900 shares during the last quarter. Institutional investors own 83.64% of the company’s stock.

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.