By otakuyassine3@gmail.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 on Tuesday.
Several other research firms have also recently issued reports on MITK. Jefferies Financial Group cut Mitek Systems from a “buy” rating to a “hold” rating and decreased their price target for the stock from $17.00 to $9.50 in a research note on Wednesday, September 4th. HC Wainwright raised their target price on shares of Mitek Systems from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Mitek Systems has an average rating of “Moderate Buy” and an average price target of $12.63.
Read Our Latest Research Report on MITK
Mitek Systems Stock Performance
NASDAQ:MITK traded up $1.44 during mid-day trading on Tuesday, hitting $10.93. The stock had a trading volume of 4,057,009 shares, compared to its average volume of 557,549. Mitek Systems has a 52 week low of $7.35 and a 52 week high of $16.24. The company has a current ratio of 4.46, a quick ratio of 4.46 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $505.01 million, a price-to-earnings ratio of -72.87 and a beta of 1.12. The company has a 50 day simple moving average of $9.04 and a 200-day simple moving average of $9.91.
Mitek Systems (NASDAQ:MITK – Get Free Report) last issued its quarterly earnings data on Monday, December 16th. The software maker reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.16. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The business had revenue of $43.22 million during the quarter, compared to the consensus estimate of $41.30 million. During the same period in the previous year, the firm posted $0.15 earnings per share. The business’s revenue was up 14.8% on a year-over-year basis. On average, research analysts expect that Mitek Systems will post 0.56 earnings per share for the current fiscal year.
Insider Activity
In other Mitek Systems news, SVP Christopher H. Briggs sold 3,320 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total value of $30,145.60. Following the transaction, the senior vice president now owns 65,353 shares of the company’s stock, valued at approximately $593,405.24. This represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 value of $41,304.96. Following the sale, the insider now directly owns 166,632 shares of the company’s stock, valued at approximately $1,514,684.88. This represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,699 shares of company stock worth $152,140 over the last 90 days. 2.10% of the stock is currently owned by company insiders.
Institutional Trading of Mitek Systems
Hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in shares of Mitek Systems by 8.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock valued at $18,531,000 after acquiring an additional 128,282 shares during the period. State Street Corp boosted its position in shares of Mitek Systems by 3.8% in the third quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock worth $11,326,000 after buying an additional 47,418 shares during the period. Thompson Siegel & Walmsley LLC grew its holdings in shares of Mitek Systems by 259.9% during the second quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock valued at $8,567,000 after buying an additional 553,379 shares in the last quarter. LSV Asset Management raised its position in Mitek Systems by 0.4% during the second quarter. LSV Asset Management now owns 738,799 shares of the software maker’s stock valued at $8,260,000 after buying an additional 2,900 shares during the period. Finally, Invenomic Capital Management LP purchased a new stake in Mitek Systems in the 3rd quarter worth about $4,068,000. 83.64% of the stock is owned by hedge funds and other institutional investors.
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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