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

StockNews.com lowered shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

Other equities analysts also recently issued reports about the stock. Jefferies Financial Group downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating and lowered their target price for the stock from $17.00 to $9.50 in a report on Wednesday, September 4th. HC Wainwright boosted their price objective on shares of Mitek Systems from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.63.

Mitek Systems Trading Up 3.2 %

Mitek Systems stock opened at $11.10 on Tuesday. The company has a market cap of $478.31 million, a price-to-earnings ratio of -74.00 and a beta of 1.12. The firm has a 50-day moving average of $9.18 and a 200-day moving average of $9.92. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.46 and a quick ratio of 4.46. Mitek Systems has a one year low of $7.35 and a one year high of $16.24.

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

Insider Buying and Selling at Mitek Systems

In other news, SVP Christopher H. Briggs sold 3,320 shares of the company’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction that occurred 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. The trade was a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,699 shares of company stock worth $152,140 over the last ninety days. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Mitek Systems

Institutional investors and hedge funds have recently modified their holdings of the business. Thompson Siegel & Walmsley LLC raised its stake in Mitek Systems by 259.9% in the second quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock valued at $8,567,000 after purchasing an additional 553,379 shares in the last quarter. Invenomic Capital Management LP acquired a new stake in shares of Mitek Systems during the 3rd quarter worth approximately $4,068,000. Foundry Partners LLC bought a new position in Mitek Systems in the second quarter valued at approximately $3,275,000. EVR Research LP acquired a new position in Mitek Systems during the second quarter valued at approximately $2,957,000. Finally, Marshall Wace LLP lifted its stake in Mitek Systems by 251.1% during the second quarter. Marshall Wace LLP now owns 309,163 shares of the software maker’s stock worth $3,456,000 after purchasing an additional 221,116 shares during the last quarter. 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.