Mitek Systems (NASDAQ:MITK) Downgraded by StockNews.com to Hold

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

MITK has been the subject of several other reports. Craig Hallum lowered their price objective on shares of Mitek Systems from $19.00 to $15.00 and set a "buy" rating for the company in a research note on Friday, August 9th. HC Wainwright dropped their price objective on shares of Mitek Systems from $19.00 to $11.00 and set a "buy" rating for the company in a research report on Monday, August 12th. Jefferies Financial Group lowered shares of Mitek Systems from a "buy" rating to a "hold" rating and reduced their target price for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. Finally, Maxim Group cut their price objective on Mitek Systems from $23.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, August 12th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.13.

Mitek Systems Trading Down 2.2 %

Shares of Mitek Systems stock traded down $0.20 during trading hours on Tuesday, reaching $8.69. 366,036 shares of the company's stock were exchanged, compared to its average volume of 546,497. The firm has a market capitalization of $401.48 million, a price-to-earnings ratio of -57.93 and a beta of 1.07. The company has a current ratio of 4.46, a quick ratio of 4.46 and a debt-to-equity ratio of 0.68. Mitek Systems has a 52-week low of $7.35 and a 52-week high of $16.24. The company has a fifty day moving average of $8.78 and a 200-day moving average of $10.45.

Institutional Trading of Mitek Systems

Several large investors have recently modified their holdings of MITK. Barclays PLC increased its holdings in Mitek Systems by 335.6% during the 3rd quarter. Barclays PLC now owns 78,209 shares of the software maker's stock worth $679,000 after purchasing an additional 60,256 shares during the last quarter. State Street Corp raised its holdings in Mitek Systems by 3.8% in the third quarter. State Street Corp now owns 1,306,351 shares of the software maker's stock valued at $11,326,000 after acquiring an additional 47,418 shares in the last quarter. Invenomic Capital Management LP bought a new position in Mitek Systems during the 3rd quarter valued at $4,068,000. Janus Henderson Group PLC boosted its stake in Mitek Systems by 4.0% during the 3rd quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker's stock valued at $640,000 after acquiring an additional 2,806 shares during the last quarter. Finally, Capstone Investment Advisors LLC bought a new stake in shares of Mitek Systems in the 3rd quarter worth about $680,000. 83.64% of the stock is currently 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.