Maxim Group Increases Mitek Systems (NASDAQ:MITK) Price Target to $14.00

Mitek Systems (NASDAQ:MITK - Get Free Report) had its price objective upped by research analysts at Maxim Group from $13.00 to $14.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the software maker's stock. Maxim Group's target price points to a potential upside of 41.06% from the company's previous close.

A number of other equities analysts have also commented on MITK. HC Wainwright reissued a "buy" rating and issued a $13.00 price target on shares of Mitek Systems in a research report on Tuesday. StockNews.com raised shares of Mitek Systems from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, December 25th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Mitek Systems presently has a consensus rating of "Moderate Buy" and an average target price of $12.88.

Mitek Systems Stock Down 2.0 %

Shares of MITK stock traded down $0.21 during trading on Tuesday, hitting $9.93. 275,820 shares of the company were exchanged, compared to its average volume of 544,968. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.39 and a current ratio of 4.39. The firm has a market capitalization of $448.91 million, a price-to-earnings ratio of 165.50 and a beta of 1.08. The business's 50-day simple moving average is $10.37 and its 200 day simple moving average is $9.61. Mitek Systems has a twelve month low of $7.35 and a twelve month high of $16.24.

Remove Ads

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its quarterly earnings data on Monday, February 10th. The software maker reported $0.06 earnings per share 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, analysts forecast that Mitek Systems will post 0.65 EPS for the current fiscal year.

Insider Activity

In other news, 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael E. Diamond sold 4,544 shares of the firm'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 owns 166,632 shares in the company, valued at approximately $1,514,684.88. The trade was a 2.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,699 shares of company stock valued at $152,140 over the last 90 days. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mitek Systems

A number of institutional investors have recently bought and sold shares of MITK. Canada Pension Plan Investment Board acquired a new stake in Mitek Systems during the fourth quarter worth $39,000. nVerses Capital LLC boosted its stake in Mitek Systems by 25.5% during the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker's stock worth $55,000 after buying an additional 1,300 shares in the last quarter. Avior Wealth Management LLC acquired a new stake in Mitek Systems during the third quarter worth $60,000. KLP Kapitalforvaltning AS acquired a new stake in Mitek Systems during the fourth quarter worth $105,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Mitek Systems during the fourth quarter worth $114,000. Institutional investors and hedge funds 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.