Mitek Systems (NASDAQ:MITK) Upgraded to Buy by StockNews.com

Mitek Systems (NASDAQ:MITK) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

A number of other equities research analysts have also recently issued reports on the company. Craig Hallum boosted their price objective on Mitek Systems from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. HC Wainwright reiterated a “buy” rating and issued a $19.00 target price on shares of Mitek Systems in a research note on Tuesday, May 14th.

Mitek Systems Trading Up 1.7 %

Shares of MITK stock opened at $11.36 on Wednesday. The company has a quick ratio of 4.27, a current ratio of 4.27 and a debt-to-equity ratio of 0.65. The firm has a market cap of $531.53 million, a P/E ratio of -71.00 and a beta of 1.09. The company has a 50 day moving average of $12.34 and a 200-day moving average of $12.53. Mitek Systems has a 12-month low of $9.47 and a 12-month high of $16.24.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Monday, May 13th. The software maker reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.04). The firm had revenue of $46.97 million for the quarter, compared to the consensus estimate of $46.49 million. Mitek Systems had a negative net margin of 4.49% and a positive return on equity of 11.71%. Sell-side analysts anticipate that Mitek Systems will post 0.73 earnings per share for the current year.

Insider Activity

In related news, Director Donna Wells sold 16,839 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $12.46, for a total transaction of $209,813.94. Following the sale, the director now owns 38,552 shares of the company’s stock, valued at approximately $480,357.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Mitek Systems news, SVP Christopher H. Briggs sold 24,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $11.10, for a total value of $266,400.00. Following the completion of the transaction, the senior vice president now directly owns 68,673 shares of the company’s stock, valued at approximately $762,270.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Donna Wells sold 16,839 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $12.46, for a total transaction of $209,813.94. Following the transaction, the director now owns 38,552 shares of the company’s stock, valued at $480,357.92. The disclosure for this sale can be found here. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mitek Systems

Large investors have recently added to or reduced their stakes in the business. Tyro Capital Management LLC bought a new position in Mitek Systems in the 4th quarter worth about $9,240,000. LSV Asset Management grew its holdings in shares of Mitek Systems by 852.1% during the first quarter. LSV Asset Management now owns 735,899 shares of the software maker’s stock worth $10,376,000 after purchasing an additional 658,603 shares in the last quarter. Kopp LeRoy C bought a new position in shares of Mitek Systems in the first quarter worth approximately $3,340,000. Impax Asset Management Group plc raised its stake in Mitek Systems by 41.1% in the fourth quarter. Impax Asset Management Group plc now owns 720,349 shares of the software maker’s stock valued at $9,393,000 after purchasing an additional 210,000 shares in the last quarter. Finally, North Star Investment Management Corp. lifted its position in Mitek Systems by 137.5% during the first quarter. North Star Investment Management Corp. now owns 277,125 shares of the software maker’s stock valued at $3,907,000 after purchasing an additional 160,450 shares during the last quarter. Institutional investors own 83.64% of the company’s stock.

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.