Mitek Systems (NASDAQ:MITK) Share Price Passes Above 200-Day Moving Average – What’s Next?

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price passed 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.

Wall Street Analysts Forecast Growth

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

Mitek Systems Trading Down 4.4 %

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 business’s 50 day moving average price is $9.84 and its 200-day moving average price is $9.86. The firm has a market cap of $444.27 million, a price-to-earnings ratio of -68.73 and a beta of 1.06.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Monday, December 16th. The software maker reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.16. The company 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%. Mitek Systems’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.15 EPS. Equities analysts expect that Mitek Systems, Inc. will post 0.56 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total value of $56,433.54. Following the sale, the insider now directly owns 164,342 shares in the company, valued at $1,490,581.94. This trade represents a 3.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Christopher H. Briggs sold 3,320 shares of the company’s stock in a transaction dated 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 owns 65,353 shares of the company’s stock, valued at approximately $593,405.24. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,699 shares of company stock valued at $152,140. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Mitek Systems

Several hedge funds and other institutional investors have recently made changes to their positions in MITK. nVerses Capital LLC raised 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 worth $55,000 after buying an additional 1,300 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in 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 worth $201,000 after purchasing an additional 1,923 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Mitek Systems by 1.9% during 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 purchasing an additional 2,460 shares during the period. Janus Henderson Group PLC raised its stake in shares of Mitek Systems by 4.0% in the 3rd quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock worth $640,000 after buying an additional 2,806 shares in the last quarter. Finally, Wedbush Securities Inc. lifted its holdings in shares of Mitek Systems by 13.1% in the second quarter. Wedbush Securities Inc. now owns 25,875 shares of the software maker’s stock valued at $289,000 after buying an additional 3,000 shares during the period. 83.64% of the stock is currently owned by institutional investors and hedge funds.

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.