Mitek Systems (NASDAQ:MITK) Cut to Hold at StockNews.com

Mitek Systems (NASDAQ:MITK - Get Free Report) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Tuesday.

Several other research analysts have also commented on MITK. Jefferies Financial Group lowered shares of Mitek Systems from a "buy" rating to a "hold" rating and cut their price target for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. HC Wainwright lifted their target price on shares of Mitek Systems from $11.00 to $13.00 and gave the company a "buy" rating in a report on Tuesday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $12.63.

Mitek Systems Trading Up 15.2 %

Shares of MITK stock traded up $1.44 on Tuesday, reaching $10.93. 4,057,009 shares of the stock were exchanged, compared to its average volume of 557,549. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68. The stock has a market cap of $505.01 million, a P/E ratio of -72.87 and a beta of 1.12. The firm has a 50 day moving average of $9.04 and a two-hundred day moving average of $9.91. Mitek Systems has a 1-year low of $7.35 and a 1-year high of $16.24.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its quarterly earnings results on Monday, December 16th. The software maker reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.16. The firm had revenue of $43.22 million during the quarter, compared to the consensus estimate of $41.30 million. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The firm's quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.15 earnings per share. On average, research analysts anticipate that Mitek Systems will post 0.56 EPS for the current year.

Insider Transactions at Mitek Systems

In other Mitek Systems news, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction that occurred on Wednesday, December 11th. The stock was 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. The trade was a 3.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael E. Diamond sold 4,544 shares of the firm's 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 directly owns 166,632 shares of the company's stock, valued at $1,514,684.88. The trade was a 2.65 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,699 shares of company stock valued at $152,140. Corporate insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On Mitek Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Innealta Capital LLC bought a new stake in Mitek Systems in the second quarter valued at about $32,000. nVerses Capital LLC acquired a new stake in shares of Mitek Systems during the 2nd quarter valued at approximately $57,000. Avior Wealth Management LLC acquired a new stake in shares of Mitek Systems during the 3rd quarter valued at approximately $60,000. Squarepoint Ops LLC acquired a new position in Mitek Systems in the second quarter worth $138,000. Finally, Intech Investment Management LLC bought a new stake in Mitek Systems during the third quarter valued at $117,000. Institutional investors own 83.64% of the company's stock.

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.

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