Mitek Systems (NASDAQ:MITK) Upgraded at StockNews.com

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

Several other equities analysts have also issued reports on MITK. Maxim Group reduced 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 reduced their price target on Mitek Systems from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. HC Wainwright reduced their price target on Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Finally, Jefferies Financial Group lowered Mitek Systems from a “buy” rating to a “hold” rating and reduced their price target for the stock from $17.00 to $9.50 in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Mitek Systems presently has a consensus rating of “Moderate Buy” and an average price target of $12.13.

Mitek Systems Price Performance

Shares of Mitek Systems stock opened at $9.06 on Friday. The company has a current ratio of 4.46, a quick ratio of 4.46 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $418.61 million, a PE ratio of -60.40 and a beta of 1.12. The business’s 50-day moving average price is $8.97 and its 200-day moving average price is $10.06. Mitek Systems has a 12 month low of $7.35 and a 12 month high of $16.24.

Institutional Investors Weigh In On Mitek Systems

A number of large investors have recently made changes to their positions in the business. nVerses Capital LLC grew its position in shares of Mitek Systems by 25.5% in the 3rd quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after buying an additional 1,300 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Mitek Systems by 6.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,027 shares of the software maker’s stock valued at $438,000 after purchasing an additional 1,759 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Mitek Systems by 12.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,937 shares of the software maker’s stock valued at $201,000 after purchasing an additional 1,923 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Mitek Systems by 1.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock valued at $1,134,000 after purchasing an additional 2,460 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of Mitek Systems by 4.0% in the 3rd quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock valued at $640,000 after purchasing an additional 2,806 shares during the period. 83.64% of the stock is currently 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.