Mitek Systems (NASDAQ:MITK) Rating Increased to Buy 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 research note issued on Monday.

Several other equities research analysts have also recently weighed in on MITK. Craig Hallum reduced their price target on Mitek Systems from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Jefferies Financial Group cut Mitek Systems from a “buy” rating to a “hold” rating and reduced their price target for the stock from $17.00 to $9.50 in a research note on Wednesday, September 4th. Maxim Group reduced their price target on Mitek Systems from $23.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, HC Wainwright reduced their price target on Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.13.

Mitek Systems Trading Up 1.5 %

Shares of Mitek Systems stock traded up $0.14 during midday trading on Monday, reaching $9.55. 392,702 shares of the company’s stock traded hands, compared to its average volume of 550,561. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. The company has a market cap of $441.21 million, a PE ratio of -63.67 and a beta of 1.07. The stock has a 50 day moving average of $8.72 and a 200-day moving average of $10.61. Mitek Systems has a 12 month low of $7.35 and a 12 month high of $16.24.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, August 8th. The software maker reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The business had revenue of $45.00 million for the quarter, compared to the consensus estimate of $47.99 million. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. Mitek Systems’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.16 EPS. As a group, equities analysts expect that Mitek Systems will post 0.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Mitek Systems

Institutional investors have recently modified their holdings of the stock. Innealta Capital LLC purchased a new stake in shares of Mitek Systems in the second quarter worth $32,000. nVerses Capital LLC boosted its position in shares of Mitek Systems by 25.5% during the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock valued at $55,000 after buying an additional 1,300 shares during the last quarter. Avior Wealth Management LLC purchased a new stake in shares of Mitek Systems during the third quarter valued at $60,000. Intech Investment Management LLC purchased a new stake in shares of Mitek Systems during the third quarter valued at $117,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Mitek Systems during the second quarter valued at $138,000. 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.