Mitek Systems (NASDAQ:MITK) Upgraded by StockNews.com to “Strong-Buy” Rating

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

Other research analysts also recently issued research reports about the company. Jefferies Financial Group downgraded Mitek Systems from a “buy” rating to a “hold” rating and lowered their target price for the stock from $17.00 to $9.50 in a research note on Wednesday, September 4th. HC Wainwright upped their price objective 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 investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $12.63.

Mitek Systems Stock Performance

Shares of NASDAQ:MITK opened at $11.45 on Wednesday. Mitek Systems has a 1 year low of $7.35 and a 1 year high of $16.24. The stock has a market capitalization of $493.39 million, a price-to-earnings 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. The company’s 50 day simple moving average is $9.37 and its 200 day simple moving average is $9.87.

Mitek Systems (NASDAQ:MITK) last issued its quarterly 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 positive return on equity of 12.32% and a negative net margin of 4.05%. The company had revenue of $43.22 million for the quarter, compared to analyst estimates of $41.30 million. During the same quarter last year, the company posted $0.15 EPS. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. As a group, research analysts predict that Mitek Systems will post 0.56 EPS for the current fiscal year.

Insider Buying and Selling at Mitek Systems

In other news, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction 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 transaction, the insider now owns 164,342 shares in the company, valued at approximately $1,490,581.94. The trade was a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael E. Diamond sold 4,544 shares of the business’s 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 directly owns 166,632 shares in the company, valued at approximately $1,514,684.88. This represents a 2.65 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,699 shares of company stock worth $152,140. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MITK. Bank of New York Mellon Corp increased 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 shares of Mitek Systems in the second quarter worth approximately $32,000. Principal Financial Group Inc. boosted its holdings in Mitek Systems by 13.6% in the second 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 last quarter. Kings Path Partners LLC acquired a new stake in Mitek Systems during the 2nd quarter valued at approximately $833,000. Finally, nVerses Capital LLC bought a new position in Mitek Systems during the 2nd quarter worth approximately $57,000. 83.64% of the stock is owned by institutional investors and hedge funds.

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.