Mitek Systems (NASDAQ:MITK) Rating Lowered to “Hold” at StockNews.com

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

MITK has been the topic of several other reports. HC Wainwright increased their price target on shares of Mitek Systems from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday. 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 report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Mitek Systems presently has an average rating of “Moderate Buy” and an average price target of $12.63.

Mitek Systems Stock Performance

NASDAQ MITK opened at $10.76 on Tuesday. The business has a 50 day moving average price of $9.13 and a 200 day moving average price of $9.91. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.46 and a quick ratio of 4.46. The company has a market capitalization of $497.16 million, a P/E ratio of -71.73 and a beta of 1.12. Mitek Systems has a 1-year low of $7.35 and a 1-year high of $16.24.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Monday, December 16th. The software maker reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.16. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The business had revenue of $43.22 million during the quarter, compared to analysts’ expectations of $41.30 million. During the same quarter last year, the business posted $0.15 earnings per share. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. Sell-side analysts expect that Mitek Systems will post 0.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other Mitek Systems news, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total value of $41,304.96. Following the transaction, the insider now owns 166,632 shares in the company, valued at $1,514,684.88. This trade represents a 2.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Gray sold 6,222 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total value of $56,433.54. Following the sale, the insider now owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. The trade was a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,699 shares of company stock valued at $152,140 in the last quarter. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MITK. Innealta Capital LLC acquired a new stake in shares of Mitek Systems in the second quarter valued at about $32,000. nVerses Capital LLC lifted its position in shares of Mitek Systems by 25.5% during the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after purchasing an additional 1,300 shares in the last quarter. Avior Wealth Management LLC purchased a new position in shares of Mitek Systems in the third quarter valued at $60,000. Intech Investment Management LLC acquired a new stake in Mitek Systems during the 3rd quarter valued at $117,000. Finally, Squarepoint Ops LLC purchased a new stake in Mitek Systems during the 2nd quarter worth $138,000. Hedge funds and other 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.