Insider Buying: Mitek Systems, Inc. (NASDAQ:MITK) CEO Buys 55,000 Shares of Stock

Mitek Systems, Inc. (NASDAQ:MITK) CEO Edward H. West acquired 55,000 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were bought at an average price of $9.21 per share, for a total transaction of $506,550.00. Following the acquisition, the chief executive officer now owns 55,000 shares in the company, valued at approximately $506,550. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Mitek Systems Price Performance

Shares of MITK opened at $9.91 on Tuesday. The company has a market capitalization of $448.37 million, a price-to-earnings ratio of 110.11 and a beta of 1.08. Mitek Systems, Inc. has a fifty-two week low of $7.35 and a fifty-two week high of $16.24. The company has a debt-to-equity ratio of 0.73, a current ratio of 4.59 and a quick ratio of 4.59. The business’s 50-day moving average is $10.45 and its 200-day moving average is $9.44.

Mitek Systems (NASDAQ:MITK) last issued its earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). Mitek Systems had a net margin of 2.59% and a return on equity of 16.53%. Equities research analysts expect that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds have recently added to or reduced their stakes in MITK. Quarry LP acquired a new position in Mitek Systems in the fourth quarter worth approximately $31,000. Canada Pension Plan Investment Board acquired a new position in Mitek Systems in the fourth quarter worth approximately $39,000. Avior Wealth Management LLC acquired a new position in Mitek Systems in the third quarter worth approximately $60,000. Ancora Advisors LLC acquired a new position in Mitek Systems in the fourth quarter worth approximately $67,000. Finally, KLP Kapitalforvaltning AS acquired a new position in Mitek Systems in the fourth quarter worth approximately $105,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MITK shares. StockNews.com downgraded Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 11th. Maxim Group boosted their price objective on Mitek Systems from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Finally, HC Wainwright restated a “buy” rating and set a $13.00 price objective on shares of Mitek Systems in a report on Tuesday, February 11th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Mitek Systems has a consensus rating of “Moderate Buy” and an average price target of $12.88.

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.