Mitek Systems (NASDAQ:MITK) Stock Crosses Above 200 Day Moving Average – Time to Sell?

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $9.86 and traded as high as $10.80. Mitek Systems shares last traded at $10.79, with a volume of 531,339 shares.

Analyst Upgrades and Downgrades

MITK has been the topic of a number of recent research reports. StockNews.com raised shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 25th. HC Wainwright raised their price target on shares of Mitek Systems from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Mitek Systems currently has an average rating of “Buy” and an average target price of $12.63.

Mitek Systems Trading Up 0.6 %

The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. The stock has a market capitalization of $464.95 million, a P/E ratio of -71.93 and a beta of 1.06. The firm’s fifty day simple moving average is $9.84 and its 200 day simple moving average is $9.86.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Monday, December 16th. The software maker reported $0.33 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 firm had revenue of $43.22 million for the quarter, compared to analyst estimates of $41.30 million. During the same period last year, the firm earned $0.15 EPS. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. As a group, equities research analysts forecast that Mitek Systems, Inc. will post 0.56 EPS for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Mitek Systems

Several hedge funds have recently added to or reduced their stakes in MITK. Thompson Siegel & Walmsley LLC boosted its position in Mitek Systems by 259.9% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock worth $8,567,000 after buying an additional 553,379 shares during the period. Invenomic Capital Management LP bought a new position in Mitek Systems during the 3rd quarter worth approximately $4,068,000. EVR Research LP bought a new position in Mitek Systems during the 2nd quarter worth approximately $2,957,000. Marshall Wace LLP raised its holdings in Mitek Systems by 251.1% during the 2nd quarter. Marshall Wace LLP now owns 309,163 shares of the software maker’s stock worth $3,456,000 after purchasing an additional 221,116 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Mitek Systems by 8.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock valued at $18,531,000 after acquiring an additional 128,282 shares in the last quarter. 83.64% of the stock is currently 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.