Mitek Systems (NASDAQ:MITK) Rating Increased to Buy at StockNews.com

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

A number of other equities analysts have also recently weighed in on the company. 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 report on Wednesday, September 4th. Craig Hallum reduced their target price on Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a report on Friday, August 9th. HC Wainwright reduced their target price on Mitek Systems from $19.00 to $11.00 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, Maxim Group reduced their target price on Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a report on Monday, August 12th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Mitek Systems has a consensus rating of “Moderate Buy” and a consensus target price of $12.13.

Mitek Systems Price Performance

NASDAQ MITK traded up $0.14 during trading hours on Monday, reaching $9.55. The company’s stock had a trading volume of 392,702 shares, compared to its average volume of 550,561. The firm has a market capitalization of $441.21 million, a price-to-earnings ratio of -63.67 and a beta of 1.07. Mitek Systems has a 1-year low of $7.35 and a 1-year high of $16.24. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.46 and a quick ratio of 4.46. The company’s 50-day moving average is $8.72 and its two-hundred day moving average is $10.61.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, August 8th. The software maker reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The business had revenue of $45.00 million during the quarter, compared to analyst estimates of $47.99 million. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 EPS. On average, equities analysts predict that Mitek Systems will post 0.56 EPS for the current year.

Institutional Investors Weigh In On Mitek Systems

A number of large investors have recently made changes to their positions in the stock. nVerses Capital LLC grew its position in shares of Mitek Systems by 25.5% in the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock valued at $55,000 after purchasing an additional 1,300 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Mitek Systems by 6.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,027 shares of the software maker’s stock valued at $438,000 after purchasing an additional 1,759 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Mitek Systems by 12.0% in the second quarter. The Manufacturers Life Insurance Company now owns 17,937 shares of the software maker’s stock valued at $201,000 after purchasing an additional 1,923 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Mitek Systems in the second quarter valued at approximately $32,000. Finally, LSV Asset Management grew its position in shares of Mitek Systems by 0.4% in the second quarter. LSV Asset Management now owns 738,799 shares of the software maker’s stock valued at $8,260,000 after purchasing an additional 2,900 shares in the last quarter. 83.64% of the stock is currently 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.