Mitek Systems (NASDAQ:MITK) Upgraded at StockNews.com

Mitek Systems (NASDAQ:MITK) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

Several other equities analysts have also weighed in on the stock. HC Wainwright reiterated a “buy” rating and issued a $19.00 target price on shares of Mitek Systems in a report on Tuesday. Craig Hallum upped their price objective on shares of Mitek Systems from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday.

Mitek Systems Trading Down 9.1 %

NASDAQ:MITK traded down $1.22 on Wednesday, hitting $12.17. The stock had a trading volume of 2,087,424 shares, compared to its average volume of 477,883. The company has a quick ratio of 3.69, a current ratio of 3.69 and a debt-to-equity ratio of 0.66. The stock has a market cap of $569.43 million, a price-to-earnings ratio of -173.83 and a beta of 1.09. The company has a fifty day moving average price of $12.70 and a two-hundred day moving average price of $11.95. Mitek Systems has a 1-year low of $8.77 and a 1-year high of $16.24.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Tuesday, March 19th. The software maker reported $0.10 earnings per share for the quarter. The company had revenue of $37.66 million for the quarter. Mitek Systems had a net margin of 4.25% and a return on equity of 17.83%. Equities research analysts expect that Mitek Systems will post 0.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mitek Systems

Several large investors have recently made changes to their positions in MITK. Impax Asset Management Group plc lifted its holdings in Mitek Systems by 41.1% during the 4th quarter. Impax Asset Management Group plc now owns 720,349 shares of the software maker’s stock worth $9,393,000 after buying an additional 210,000 shares in the last quarter. North Star Investment Management Corp. lifted its holdings in Mitek Systems by 4,261.7% during the 4th quarter. North Star Investment Management Corp. now owns 116,675 shares of the software maker’s stock worth $1,521,000 after buying an additional 114,000 shares in the last quarter. B. Riley Asset Management LLC lifted its holdings in Mitek Systems by 28.9% during the 3rd quarter. B. Riley Asset Management LLC now owns 718,981 shares of the software maker’s stock worth $7,707,000 after buying an additional 161,246 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Mitek Systems by 77.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 429,271 shares of the software maker’s stock worth $4,602,000 after buying an additional 186,746 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Mitek Systems by 427.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 235,033 shares of the software maker’s stock worth $2,520,000 after buying an additional 190,481 shares in 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.