Mitek Systems (NASDAQ:MITK) Downgraded to Hold Rating by StockNews.com

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

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

Mitek Systems Stock Performance

Shares of Mitek Systems stock opened at $9.32 on Thursday. The firm’s fifty day simple moving average is $8.90 and its 200-day simple moving average is $10.29. Mitek Systems has a 12 month low of $7.35 and a 12 month high of $16.24. The stock has a market capitalization of $430.62 million, a price-to-earnings ratio of -62.13 and a beta of 1.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.46 and a quick ratio of 4.46.

Institutional Investors Weigh In On Mitek Systems

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Mitek Systems by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock worth $49,599,000 after purchasing an additional 138,438 shares during the period. Dimensional Fund Advisors LP grew its holdings in Mitek Systems by 8.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock worth $18,531,000 after acquiring an additional 128,282 shares during the period. State Street Corp raised its position 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 worth $11,326,000 after acquiring an additional 47,418 shares in the last quarter. Thompson Siegel & Walmsley LLC raised its position in Mitek Systems by 259.9% in the second quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock worth $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 second quarter. LSV Asset Management now owns 738,799 shares of the software maker’s stock valued at $8,260,000 after acquiring an additional 2,900 shares during the period. Institutional investors and hedge funds 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.