Mitek Systems (NASDAQ:MITK) Cut to Hold at StockNews.com

StockNews.com downgraded shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.

Several other analysts have also recently commented on the stock. Maxim Group reduced their price objective on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Craig Hallum lowered their target price on shares of Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a report on Friday, August 9th. HC Wainwright lowered their target price on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, Jefferies Financial Group cut shares of Mitek Systems from a “buy” rating to a “hold” rating and reduced their price target for the company from $17.00 to $9.50 in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.13.

Mitek Systems Stock Down 2.2 %

MITK stock opened at $8.69 on Tuesday. 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 has a one year low of $7.35 and a one year high of $16.24. The company has a fifty day moving average of $8.78 and a 200-day moving average of $10.45. The stock has a market capitalization of $401.48 million, a PE ratio of -57.93 and a beta of 1.07.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Innealta Capital LLC acquired a new stake in Mitek Systems in the second quarter valued at $32,000. nVerses Capital LLC grew 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 acquiring an additional 1,300 shares during the last quarter. Avior Wealth Management LLC bought a new position in shares of Mitek Systems during the third quarter worth about $60,000. Intech Investment Management LLC bought a new position in shares of Mitek Systems during the third quarter worth about $117,000. Finally, Squarepoint Ops LLC acquired a new stake in Mitek Systems in the second quarter worth about $138,000. 83.64% of the stock is owned by institutional investors and hedge funds.

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.