Mitek Systems (NASDAQ:MITK) Given New $13.00 Price Target at HC Wainwright

Mitek Systems (NASDAQ:MITK) had its price objective boosted by stock analysts at HC Wainwright from $11.00 to $13.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. HC Wainwright’s price objective suggests a potential upside of 20.82% from the company’s previous close.

A number of other brokerages have also recently commented on MITK. StockNews.com raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. Jefferies Financial Group lowered shares of Mitek Systems from a “buy” rating to a “hold” rating and dropped their price target for the company from $17.00 to $9.50 in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.63.

Mitek Systems Trading Down 1.6 %

NASDAQ MITK opened at $10.76 on Tuesday. 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 has a market capitalization of $497.16 million, a PE ratio of -71.73 and a beta of 1.12. The company has a fifty day moving average of $9.13 and a 200 day moving average of $9.91.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Monday, December 16th. The software maker reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.16. The business had revenue of $43.22 million during the quarter, compared to analysts’ expectations of $41.30 million. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 EPS. Research analysts forecast that Mitek Systems will post 0.56 earnings per share for the current year.

Insider Transactions at Mitek Systems

In related news, insider Jason Gray sold 6,222 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total value of $56,433.54. Following the completion of the sale, the insider now owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. The trade was a 3.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Christopher H. Briggs sold 3,320 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total transaction of $30,145.60. Following the transaction, the senior vice president now directly owns 65,353 shares in the company, valued at approximately $593,405.24. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,699 shares of company stock valued at $152,140 in the last three months. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mitek Systems

Hedge funds and other institutional investors have recently made changes to their positions in the company. Thompson Siegel & Walmsley LLC increased its position in shares of Mitek Systems by 259.9% during the second quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock worth $8,567,000 after purchasing an additional 553,379 shares in the last quarter. Invenomic Capital Management LP purchased a new stake in shares of Mitek Systems during the third quarter worth $4,068,000. Foundry Partners LLC acquired a new stake in shares of Mitek Systems in the second quarter valued at about $3,275,000. EVR Research LP purchased a new position in shares of Mitek Systems in the second quarter worth about $2,957,000. Finally, Marshall Wace LLP boosted its position in Mitek Systems by 251.1% during the second quarter. Marshall Wace LLP now owns 309,163 shares of the software maker’s stock worth $3,456,000 after acquiring an additional 221,116 shares during the last quarter. Hedge funds and other 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.