StockNews.com Downgrades Mitek Systems (NASDAQ:MITK) to Hold

StockNews.com downgraded shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

A number of other research firms also recently weighed in on MITK. Jefferies Financial Group downgraded Mitek Systems from a “buy” rating to a “hold” rating and decreased their price objective for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. Craig Hallum decreased their price target on Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, August 9th. HC Wainwright cut their price objective 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. Finally, Maxim Group decreased their target price on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Mitek Systems has an average rating of “Moderate Buy” and a consensus target price of $12.13.

Mitek Systems Trading Up 3.6 %

Shares of NASDAQ MITK opened at $9.10 on Tuesday. The firm has a 50 day moving average price of $8.82 and a two-hundred day moving average price of $10.43. The stock has a market cap of $420.42 million, a P/E ratio of -60.67 and a beta of 1.07. Mitek Systems has a 52-week low of $7.35 and a 52-week high of $16.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MITK. nVerses Capital LLC boosted its position in shares of Mitek Systems by 25.5% during the 3rd 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% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,027 shares of the software maker’s stock worth $438,000 after buying an additional 1,759 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Mitek Systems by 12.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,937 shares of the software maker’s stock valued at $201,000 after acquiring an additional 1,923 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Mitek Systems by 1.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock valued at $1,134,000 after acquiring an additional 2,460 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Mitek Systems by 4.0% during the third quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock worth $640,000 after acquiring an additional 2,806 shares in the last quarter. 83.64% of the stock is owned by 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.