Mitek Systems (NASDAQ:MITK) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a report released on Wednesday.

MITK has been the subject of a number of other reports. Craig Hallum upped their price objective on shares of Mitek Systems from $17.00 to $19.00 and gave the stock a buy rating in a research note on Tuesday, April 16th. HC Wainwright reiterated a buy rating and set a $19.00 price objective on shares of Mitek Systems in a research note on Tuesday, May 14th.

Mitek Systems Stock Performance

Shares of NASDAQ:MITK opened at $11.36 on Wednesday. The firm’s 50 day simple moving average is $12.36 and its 200-day simple moving average is $12.54. The company has a debt-to-equity ratio of 0.65, a quick ratio of 4.27 and a current ratio of 4.27. Mitek Systems has a one year low of $9.47 and a one year high of $16.24. The firm has a market cap of $531.55 million, a PE ratio of -71.00 and a beta of 1.09.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Monday, May 13th. The software maker reported $0.18 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.04). Mitek Systems had a positive return on equity of 11.71% and a negative net margin of 4.49%. The firm had revenue of $46.97 million for the quarter, compared to analysts’ expectations of $46.49 million. As a group, equities analysts predict that Mitek Systems will post 0.73 EPS for the current year.

Insider Buying and Selling

In other Mitek Systems news, Director Donna Wells sold 16,839 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $12.46, for a total value of $209,813.94. Following the completion of the transaction, the director now directly owns 38,552 shares in the company, valued at $480,357.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Christopher H. Briggs sold 24,000 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $11.10, for a total transaction of $266,400.00. Following the transaction, the senior vice president now directly owns 68,673 shares in the company, valued at approximately $762,270.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Donna Wells sold 16,839 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $12.46, for a total value of $209,813.94. Following the transaction, the director now directly owns 38,552 shares in the company, valued at $480,357.92. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mitek Systems

Several hedge funds have recently modified their holdings of MITK. Vanguard Group Inc. grew its holdings in shares of Mitek Systems by 4.1% during the first quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock valued at $49,599,000 after buying an additional 138,438 shares during the last quarter. Independent Advisor Alliance increased its holdings in shares of Mitek Systems by 2.2% in the fourth quarter. Independent Advisor Alliance now owns 1,840,235 shares of the software maker’s stock valued at $23,997,000 after purchasing an additional 39,995 shares during the period. LSV Asset Management raised its stake in shares of Mitek Systems by 852.1% in the first quarter. LSV Asset Management now owns 735,899 shares of the software maker’s stock worth $10,376,000 after purchasing an additional 658,603 shares during the last quarter. Impax Asset Management Group plc lifted its holdings in shares of Mitek Systems by 41.1% during the fourth quarter. Impax Asset Management Group plc now owns 720,349 shares of the software maker’s stock worth $9,393,000 after purchasing an additional 210,000 shares during the period. Finally, Tyro Capital Management LLC purchased a new stake in Mitek Systems in the fourth quarter valued at approximately $9,240,000. 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.