Mitek Systems (NASDAQ:MITK) Lowered to Buy Rating by StockNews.com

Mitek Systems (NASDAQ:MITK - Get Free Report) was downgraded by equities researchers at StockNews.com from a "strong-buy" rating to a "buy" rating in a report issued on Tuesday.

Several other equities analysts have also recently issued reports on MITK. HC Wainwright reiterated a "buy" rating and set a $13.00 price target on shares of Mitek Systems in a research report on Tuesday. Maxim Group boosted their price target on shares of Mitek Systems from $13.00 to $14.00 and gave the company a "buy" rating in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $12.88.

Mitek Systems Trading Down 1.2 %

Shares of NASDAQ:MITK traded down $0.12 during midday trading on Tuesday, hitting $10.01. 525,187 shares of the stock traded hands, compared to its average volume of 419,793. The stock has a market capitalization of $452.75 million, a PE ratio of 166.83 and a beta of 1.08. The business's 50 day moving average is $10.39 and its two-hundred day moving average is $9.59. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 0.67. Mitek Systems has a one year low of $7.35 and a one year high of $16.24.

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Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its quarterly earnings data on Monday, February 10th. The software maker reported $0.06 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a net margin of 1.90% and a return on equity of 16.64%. As a group, research analysts forecast that Mitek Systems will post 0.65 earnings per share for the current year.

Insiders Place Their Bets

In other Mitek Systems news, SVP Christopher H. Briggs sold 3,320 shares of the company's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total value of $30,145.60. Following the sale, the senior vice president now owns 65,353 shares in the company, valued at approximately $593,405.24. This represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Gray sold 6,222 shares of the company's stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total transaction 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 trade represents a 3.65 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,699 shares of company stock worth $152,140. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mitek Systems

Institutional investors have recently made changes to their positions in the company. Quarry LP purchased a new stake in shares of Mitek Systems during the fourth quarter valued at approximately $31,000. Canada Pension Plan Investment Board purchased a new stake in shares of Mitek Systems during the fourth quarter valued at approximately $39,000. nVerses Capital LLC grew its holdings in shares of Mitek Systems by 25.5% during the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker's stock valued at $55,000 after buying an additional 1,300 shares during the last quarter. Avior Wealth Management LLC purchased a new stake in shares of Mitek Systems during the third quarter valued at approximately $60,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Mitek Systems during the fourth quarter valued at approximately $105,000. Hedge funds and other institutional investors own 83.64% of the company's stock.

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.