Mitek Systems (NASDAQ:MITK) Share Price Passes Above 200-Day Moving Average – Here’s Why

Shares of Mitek Systems, Inc. (NASDAQ:MITK) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.86 and traded as high as $10.80. Mitek Systems shares last traded at $10.79, with a volume of 531,339 shares changing hands.

Analysts Set New Price Targets

MITK has been the subject of several analyst reports. StockNews.com raised Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 25th. HC Wainwright lifted their target price on shares of Mitek Systems from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Mitek Systems currently has a consensus rating of “Buy” and an average target price of $12.63.

Mitek Systems Stock Performance

The business’s fifty day moving average price is $9.84 and its two-hundred day moving average price is $9.86. 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 stock has a market capitalization of $444.27 million, a P/E ratio of -68.73 and a beta of 1.06.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Monday, December 16th. The software maker reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.16. The firm had revenue of $43.22 million for the quarter, compared to the consensus estimate of $41.30 million. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.15 earnings per share. As a group, sell-side analysts forecast that Mitek Systems, Inc. will post 0.56 earnings per share for the current year.

Insider Activity at Mitek Systems

In related news, insider Michael E. Diamond sold 4,544 shares of the business’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 transaction of $41,304.96. Following the completion of the transaction, the insider now owns 166,632 shares in the company, valued at $1,514,684.88. The trade was a 2.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Christopher H. Briggs sold 3,320 shares of Mitek Systems stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total transaction of $30,145.60. Following the completion of the transaction, the senior vice president now directly owns 65,353 shares in the company, valued at $593,405.24. This represents a 4.83 % 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 valued at $152,140 over the last ninety days. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of Mitek Systems by 8.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock worth $18,531,000 after buying an additional 128,282 shares during the last quarter. State Street Corp increased its holdings in shares of Mitek Systems by 3.8% during the 3rd quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock valued at $11,326,000 after purchasing an additional 47,418 shares in the last quarter. Thompson Siegel & Walmsley LLC lifted its stake in shares of Mitek Systems by 259.9% in the 2nd 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 during the period. Invenomic Capital Management LP purchased a new stake in Mitek Systems during the third quarter worth $4,068,000. Finally, Foundry Partners LLC grew its position in Mitek Systems by 18.5% during the third quarter. Foundry Partners LLC now owns 347,195 shares of the software maker’s stock valued at $3,010,000 after buying an additional 54,235 shares during the period. Hedge funds and other institutional investors own 83.64% of the company’s stock.

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.