Mitek Systems Inc. (MITK) Receives Consensus Recommendation of “Buy” from Analysts
Mitek Systems Inc. (NASDAQ:MITK) has been assigned a consensus recommendation of “Buy” from the seven research firms that are covering the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $9.08.
Several brokerages have commented on MITK. TheStreet cut shares of Mitek Systems from a “buy” rating to a “hold” rating in a research note on Thursday, August 18th. Zacks Investment Research cut shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 26th. Finally, Needham & Company LLC upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a research report on Monday, July 11th.
Shares of Mitek Systems (NASDAQ:MITK) traded up 1.1736% during mid-day trading on Friday, hitting $7.2845. 134,580 shares of the stock were exchanged. Mitek Systems has a 52-week low of $3.10 and a 52-week high of $9.49. The stock’s 50-day moving average price is $8.02 and its 200-day moving average price is $7.63. The company has a market cap of $238.40 million, a P/E ratio of 123.4661 and a beta of 2.23.
Mitek Systems (NASDAQ:MITK) last released its earnings results on Thursday, July 28th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.03. The company had revenue of $9.10 million for the quarter, compared to the consensus estimate of $8.31 million. Mitek Systems had a net margin of 5.94% and a return on equity of 14.96%. Mitek Systems’s revenue was up 41.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.07 EPS. Equities research analysts anticipate that Mitek Systems will post $0.25 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Mitek Systems by 12.0% in the second quarter. Vanguard Group Inc. now owns 1,132,112 shares of the company’s stock valued at $8,049,000 after buying an additional 121,599 shares in the last quarter. BlackRock Fund Advisors boosted its stake in shares of Mitek Systems by 1,148.5% in the second quarter. BlackRock Fund Advisors now owns 764,262 shares of the company’s stock valued at $5,434,000 after buying an additional 703,050 shares during the period. G2 Investment Partners Management LLC purchased a new stake in shares of Mitek Systems during the second quarter valued at $5,161,000. Blair William & Co. IL boosted its stake in shares of Mitek Systems by 254.6% in the second quarter. Blair William & Co. IL now owns 687,370 shares of the company’s stock valued at $728,000 after buying an additional 493,525 shares during the period. Finally, EAM Investors LLC boosted its stake in shares of Mitek Systems by 37.7% in the second quarter. EAM Investors LLC now owns 651,277 shares of the company’s stock valued at $4,631,000 after buying an additional 178,471 shares during the period. 45.36% of the stock is currently owned by institutional investors and hedge funds.
Mitek Systems Company Profile
Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with camera-equipped smartphones and tablets instead of using the device keyboard.
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