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

StockNews.com upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday.

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

Mitek Systems Stock Performance

Shares of MITK stock opened at $11.45 on Wednesday. The company has a fifty day moving average price of $9.37 and a two-hundred day moving average price of $9.87. Mitek Systems has a one year low of $7.35 and a one year high of $16.24. The stock has a market cap of $493.39 million, a P/E ratio of -76.33 and a beta of 1.12. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.46 and a quick ratio of 4.46.

Mitek Systems (NASDAQ:MITK) last issued its earnings results on Monday, December 16th. The software maker reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.16. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. The business had revenue of $43.22 million during the quarter, compared to the consensus estimate of $41.30 million. During the same period last year, the business posted $0.15 EPS. Mitek Systems’s revenue was up 14.8% on a year-over-year basis. As a group, equities analysts predict that Mitek Systems will post 0.56 EPS for the current year.

Insider Buying and Selling

In other news, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction 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 sale, the insider now owns 166,632 shares of the company’s stock, valued at approximately $1,514,684.88. This trade represents a 2.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Gray sold 6,222 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the completion of the transaction, the insider now owns 164,342 shares in the company, valued at $1,490,581.94. This trade represents a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,699 shares of company stock valued at $152,140. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its stake in shares of Mitek Systems by 15.2% in the second quarter. Bank of New York Mellon Corp now owns 189,584 shares of the software maker’s stock valued at $2,120,000 after buying an additional 24,970 shares during the period. Innealta Capital LLC acquired a new position in Mitek Systems in the 2nd quarter valued at $32,000. Principal Financial Group Inc. lifted its position in shares of Mitek Systems by 13.6% during the 2nd quarter. Principal Financial Group Inc. now owns 44,843 shares of the software maker’s stock valued at $501,000 after acquiring an additional 5,373 shares during the period. Kings Path Partners LLC acquired a new stake in shares of Mitek Systems during the 2nd quarter worth $833,000. Finally, nVerses Capital LLC bought a new position in shares of Mitek Systems in the second quarter worth $57,000. 83.64% of the stock is owned by institutional investors.

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.