Mitek Systems (NASDAQ:MITK) Shares Pass Above 200-Day Moving Average – Here’s Why

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $9.86 and traded as high as $10.80. Mitek Systems shares last traded at $10.79, with a volume of 531,339 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on MITK shares. StockNews.com raised Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 25th. HC Wainwright upped their target price on Mitek Systems from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Mitek Systems currently has an average rating of “Buy” and an average price target of $12.63.

Mitek Systems Stock Performance

The stock has a market capitalization of $464.95 million, a PE ratio of -71.93 and a beta of 1.06. 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 firm has a 50 day moving average price of $9.84 and a 200-day moving average price of $9.86.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Monday, December 16th. The software maker reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $43.22 million during the quarter, compared to analysts’ expectations of $41.30 million. During the same period last year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. Research analysts expect that Mitek Systems, Inc. will post 0.56 EPS for the current fiscal year.

Insider Activity at Mitek Systems

In related news, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.09, for a total transaction of $41,304.96. Following the completion of the transaction, the insider now directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total value of $56,433.54. Following the transaction, the insider now owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. This represents a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,699 shares of company stock worth $152,140. 2.10% of the stock is owned by corporate insiders.

Institutional Trading of Mitek Systems

Several institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in Mitek Systems by 15.5% in the third quarter. JPMorgan Chase & Co. now owns 262,956 shares of the software maker’s stock valued at $2,280,000 after purchasing an additional 35,301 shares during the period. Barclays PLC grew its holdings in Mitek Systems by 335.6% in the third quarter. Barclays PLC now owns 78,209 shares of the software maker’s stock valued at $679,000 after purchasing an additional 60,256 shares during the period. State Street Corp grew its holdings in Mitek Systems by 3.8% in the third quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock valued at $11,326,000 after purchasing an additional 47,418 shares during the period. Invenomic Capital Management LP acquired a new stake in Mitek Systems in the third quarter valued at approximately $4,068,000. Finally, Janus Henderson Group PLC grew its holdings in Mitek Systems by 4.0% in the third quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock valued at $640,000 after purchasing an additional 2,806 shares during the period. 83.64% of the stock is owned by institutional investors and hedge funds.

About Mitek Systems

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.