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 issued on Monday.

Several other research analysts have also commented on the company. Jefferies Financial Group lowered Mitek Systems from a “buy” rating to a “hold” rating and cut their price objective for the stock from $17.00 to $9.50 in a report on Wednesday, September 4th. Craig Hallum cut their price objective on Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a report on Friday, August 9th. Maxim Group dropped their target price on Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, HC Wainwright dropped their target price on Mitek Systems from $19.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, August 12th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Mitek Systems has a consensus rating of “Moderate Buy” and a consensus price target of $12.13.

Mitek Systems Price Performance

MITK stock traded up $0.14 during mid-day trading on Monday, reaching $9.55. 392,702 shares of the company traded hands, compared to its average volume of 550,561. 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 current ratio of 4.46 and a quick ratio of 4.46. The company has a market capitalization of $441.21 million, a P/E ratio of -63.67 and a beta of 1.07. The company has a fifty day moving average price of $8.72 and a 200-day moving average price of $10.61.

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

Institutional Trading of Mitek Systems

A number of hedge funds have recently bought and sold shares of the company. Thompson Siegel & Walmsley LLC lifted its position in Mitek Systems by 259.9% in the second 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 last quarter. Foundry Partners LLC bought a new stake in Mitek Systems in the second quarter valued at approximately $3,275,000. EVR Research LP bought a new stake in Mitek Systems in the second quarter valued at approximately $2,957,000. Kopp LeRoy C bought a new stake in Mitek Systems in the first quarter valued at approximately $3,340,000. Finally, Marshall Wace LLP lifted its position in Mitek Systems by 251.1% in the second quarter. Marshall Wace LLP now owns 309,163 shares of the software maker’s stock valued at $3,456,000 after purchasing an additional 221,116 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.