Mitek Systems (NASDAQ:MITK - Free Report) had its price objective boosted by HC Wainwright from $11.00 to $13.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the software maker's stock.
A number of other research firms also recently weighed in on MITK. StockNews.com upgraded shares of Mitek Systems from a "hold" rating to a "buy" rating in a research note on Friday, December 6th. Jefferies Financial Group cut Mitek Systems from a "buy" rating to a "hold" rating and cut their price objective for the company from $17.00 to $9.50 in a research report on Wednesday, September 4th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.63.
Check Out Our Latest Analysis on MITK
Mitek Systems Price Performance
MITK traded up $1.44 during trading on Tuesday, reaching $10.93. 4,057,009 shares of the stock were exchanged, compared to its average volume of 557,549. Mitek Systems has a 1 year low of $7.35 and a 1 year high of $16.24. 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 business's 50 day moving average price is $9.04 and its two-hundred day moving average price is $9.91. The company has a market capitalization of $505.01 million, a price-to-earnings ratio of -72.87 and a beta of 1.12.
Mitek Systems (NASDAQ:MITK - Get Free Report) last announced its earnings results on Monday, December 16th. The software maker reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.16. The business had revenue of $43.22 million for the quarter, compared to analyst estimates of $41.30 million. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The company's revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.15 earnings per share. As a group, equities research analysts anticipate that Mitek Systems will post 0.56 earnings per share for the current year.
Insider Buying and Selling at Mitek Systems
In related news, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total value of $41,304.96. Following the completion of the sale, the insider now owns 166,632 shares in the company, valued at approximately $1,514,684.88. This trade represents a 2.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Gray sold 6,222 shares of the firm's stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total value of $56,433.54. Following the completion of the sale, the insider now owns 164,342 shares in the company, valued at approximately $1,490,581.94. This represents a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,699 shares of company stock valued at $152,140 in the last quarter. 2.10% of the stock is owned by insiders.
Hedge Funds Weigh In On Mitek Systems
A number of institutional investors have recently made changes to their positions in MITK. BNP Paribas Financial Markets increased its stake in Mitek Systems by 357.0% during 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. EVR Research LP acquired a new position in Mitek Systems in the 2nd quarter valued at $2,957,000. Marshall Wace LLP raised its position in shares of Mitek Systems by 251.1% during the second quarter. Marshall Wace LLP now owns 309,163 shares of the software maker's stock valued at $3,456,000 after buying an additional 221,116 shares during the last quarter. Creative Planning bought a new position in Mitek Systems during the third quarter worth about $152,000. Finally, Foundry Partners LLC bought a new stake in Mitek Systems during the 2nd quarter worth approximately $3,275,000. 83.64% of the stock is owned by institutional investors and hedge funds.
About Mitek Systems
(
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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.
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