HC Wainwright Reaffirms Buy Rating for Mitek Systems (NASDAQ:MITK)

Mitek Systems (NASDAQ:MITK)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They currently have a $13.00 target price on the software maker’s stock. HC Wainwright’s price objective would indicate a potential upside of 25.00% from the stock’s current price.

Separately, StockNews.com upgraded shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 25th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.88.

Mitek Systems Price Performance

MITK opened at $10.40 on Tuesday. The stock has a market capitalization of $470.39 million, a P/E ratio of 173.33 and a beta of 1.08. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 0.67. Mitek Systems has a 12-month low of $7.35 and a 12-month high of $16.24. The stock has a 50-day moving average price of $10.35 and a 200-day moving average price of $9.61.

Mitek Systems (NASDAQ:MITK) last issued its earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a return on equity of 16.64% and a net margin of 1.90%. Equities analysts predict that Mitek Systems will post 0.65 earnings per share for the current fiscal year.

Insider Activity

In other 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 value of $56,433.54. Following the sale, the insider now directly owns 164,342 shares in the company, valued at approximately $1,490,581.94. This trade represents a 3.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael E. Diamond sold 4,544 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total value of $41,304.96. Following the transaction, the insider now owns 166,632 shares of the company’s stock, valued at approximately $1,514,684.88. This represents a 2.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,699 shares of company stock valued at $152,140. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mitek Systems

Institutional investors and hedge funds have recently modified their holdings of the stock. Foundry Partners LLC raised its stake in Mitek Systems by 44.2% in the fourth quarter. Foundry Partners LLC now owns 500,610 shares of the software maker’s stock worth $5,572,000 after buying an additional 153,415 shares in the last quarter. ExodusPoint Capital Management LP grew its holdings in shares of Mitek Systems by 24.0% during the 4th quarter. ExodusPoint Capital Management LP now owns 62,822 shares of the software maker’s stock worth $699,000 after acquiring an additional 12,148 shares during the period. JPMorgan Chase & Co. raised its position in shares of Mitek Systems by 52.1% in the 4th quarter. JPMorgan Chase & Co. now owns 399,905 shares of the software maker’s stock worth $4,451,000 after acquiring an additional 136,949 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Mitek Systems in the 4th quarter valued at approximately $105,000. Finally, Semanteon Capital Management LP bought a new stake in shares of Mitek Systems during the fourth quarter valued at approximately $341,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

Mitek Systems Company Profile

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.