StockNews.com Upgrades Mitek Systems (NASDAQ:MITK) to Strong-Buy

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

Other analysts also recently issued reports about the stock. HC Wainwright lifted their price objective on shares of Mitek Systems from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Jefferies Financial Group downgraded Mitek Systems from a “buy” rating to a “hold” rating and lowered their price target for the company from $17.00 to $9.50 in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Mitek Systems currently has a consensus rating of “Buy” and an average target price of $12.63.

Mitek Systems Trading Up 1.7 %

Mitek Systems stock opened at $11.45 on Wednesday. The stock has a market cap of $493.39 million, a P/E ratio of -76.33 and a beta of 1.12. Mitek Systems has a fifty-two week low of $7.35 and a fifty-two week high of $16.24. The firm’s fifty day moving average price is $9.32 and its 200-day moving average price is $9.86. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46.

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

Insider Buying and Selling at Mitek Systems

In other news, insider Michael E. Diamond sold 4,544 shares of the firm’s stock in a transaction that occurred 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 approximately $1,514,684.88. This trade represents a 2.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Christopher H. Briggs sold 3,320 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total transaction of $30,145.60. Following the sale, the senior vice president now owns 65,353 shares of the company’s stock, valued at $593,405.24. This represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,699 shares of company stock worth $152,140 over the last three months. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Innealta Capital LLC purchased a new stake in shares of Mitek Systems in the 2nd quarter worth about $32,000. nVerses Capital LLC bought a new position in Mitek Systems in the second quarter worth about $57,000. Avior Wealth Management LLC purchased a new stake in Mitek Systems in the third quarter worth about $60,000. Squarepoint Ops LLC bought a new stake in Mitek Systems during the 2nd quarter valued at approximately $138,000. Finally, Intech Investment Management LLC purchased a new position in shares of Mitek Systems during the 3rd quarter worth approximately $117,000. 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.