Insider Buying: Mitek Systems, Inc. (NASDAQ:MITK) CEO Acquires 55,000 Shares of Stock

Mitek Systems, Inc. (NASDAQ:MITK) CEO Edward H. West acquired 55,000 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was purchased at an average price of $9.21 per share, with a total value of $506,550.00. Following the transaction, the chief executive officer now owns 55,000 shares of the company’s stock, valued at approximately $506,550. This trade represents a ? increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink.

Mitek Systems Trading Up 4.2 %

Shares of MITK traded up $0.40 during mid-day trading on Monday, reaching $9.71. The stock had a trading volume of 254,065 shares, compared to its average volume of 546,471. Mitek Systems, Inc. has a 52-week low of $7.35 and a 52-week high of $16.24. The firm has a market cap of $439.09 million, a price-to-earnings ratio of 108.22 and a beta of 1.08. The business’s fifty day moving average is $10.45 and its 200 day moving average is $9.45. The company has a debt-to-equity ratio of 0.73, a current ratio of 4.59 and a quick ratio of 4.59.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a net margin of 2.59% and a return on equity of 16.53%. On average, sell-side analysts predict that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MITK has been the subject of several recent research reports. Maxim Group increased their price objective on Mitek Systems from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. StockNews.com downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 11th. Finally, HC Wainwright restated a “buy” rating and set a $13.00 target price on shares of Mitek Systems in a report on Tuesday, February 11th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $12.88.

Institutional Investors Weigh In On Mitek Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MITK. Barclays PLC grew its holdings in shares of Mitek Systems by 335.6% during the 3rd quarter. Barclays PLC now owns 78,209 shares of the software maker’s stock worth $679,000 after purchasing an additional 60,256 shares during the period. BNP Paribas Financial Markets raised its holdings in Mitek Systems by 357.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 82,578 shares of the software maker’s stock valued at $716,000 after buying an additional 64,509 shares during the period. State Street Corp lifted 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 valued at $11,326,000 after buying an additional 47,418 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Mitek Systems by 15.5% during the third quarter. JPMorgan Chase & Co. now owns 262,956 shares of the software maker’s stock worth $2,280,000 after buying an additional 35,301 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Mitek Systems by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock valued at $1,134,000 after acquiring an additional 2,460 shares during the last quarter. Institutional investors and hedge funds own 83.64% of the company’s stock.

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.