Mitek Systems (NASDAQ:MITK) Cut to Buy at StockNews.com

Mitek Systems (NASDAQ:MITK) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday.

MITK has been the subject of a number of other reports. HC Wainwright reaffirmed a “buy” rating and issued a $13.00 price target on shares of Mitek Systems in a research note on Tuesday. Maxim Group upped their price target on shares of Mitek Systems from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Mitek Systems currently has a consensus rating of “Moderate Buy” and an average price target of $12.88.

Mitek Systems Stock Performance

Mitek Systems stock traded down $0.86 during midday trading on Tuesday, reaching $10.16. 1,576,208 shares of the stock traded hands, compared to its average volume of 551,723. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 0.67. The firm has a fifty day moving average price of $10.32 and a two-hundred day moving average price of $9.60. The firm has a market cap of $459.54 million, a price-to-earnings ratio of 169.33 and a beta of 1.08. Mitek Systems has a fifty-two week low of $7.35 and a fifty-two week high of $16.24.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). Mitek Systems had a net margin of 1.90% and a return on equity of 16.64%. On average, equities research analysts forecast that Mitek Systems will post 0.65 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Jason Gray sold 6,222 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the sale, the insider now owns 164,342 shares in the company, valued at $1,490,581.94. The trade was a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael E. Diamond sold 4,544 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total transaction of $41,304.96. Following the sale, the insider now owns 166,632 shares in the company, valued at $1,514,684.88. This represents a 2.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,699 shares of company stock worth $152,140 in the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew 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 acquiring an additional 1,923 shares in the last quarter. SG Americas Securities LLC bought a new stake in Mitek Systems in the third quarter worth approximately $148,000. Creative Planning bought a new stake in Mitek Systems in the third quarter worth approximately $152,000. nVerses Capital LLC grew its position in Mitek Systems by 25.5% in the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Olympiad Research LP bought a new stake in Mitek Systems in the third quarter worth approximately $247,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

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.