Mitek Systems Inc. (MITK) Rating Lowered to Sell at Zacks Investment Research
Mitek Systems Inc. (NASDAQ:MITK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “Mitek Systems, Inc. is primarily engaged in the development and sale of software products with particular focus on intelligent character recognition and forms processing technology, products and services for the document imaging markets. They develop, market and support what they believe to be the most accurate Automated Document Recognition (ADR) products commercially available for the recognition of hand printed characters. “
MITK has been the subject of a number of other research reports. TheStreet cut Mitek Systems from a “buy” rating to a “hold” rating in a research note on Thursday, August 18th. Benchmark Co. reiterated a “buy” rating and set a $10.00 price objective on shares of Mitek Systems in a research note on Friday, November 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. Mitek Systems presently has a consensus rating of “Buy” and an average price target of $9.13.
Mitek Systems (NASDAQ:MITK) opened at 6.10 on Wednesday. Mitek Systems has a 1-year low of $3.82 and a 1-year high of $9.49. The stock’s 50 day moving average price is $7.31 and its 200 day moving average price is $7.70. The company has a market cap of $199.96 million, a P/E ratio of 101.67 and a beta of 2.58.
Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. The business earned $9.67 million during the quarter, compared to analysts’ expectations of $9.60 million. Mitek Systems had a return on equity of 13.41% and a net margin of 5.65%. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.09 earnings per share. On average, equities analysts anticipate that Mitek Systems will post $0.28 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of MITK. Wells Fargo & Company MN boosted its position in Mitek Systems by 515.4% in the third quarter. Wells Fargo & Company MN now owns 1,043,733 shares of the company’s stock valued at $8,652,000 after buying an additional 874,130 shares in the last quarter. G2 Investment Partners Management LLC acquired a new position in Mitek Systems during the second quarter valued at $5,161,000. BlackRock Fund Advisors boosted its position in 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 in the last quarter. Numeric Investors LLC acquired a new position in Mitek Systems during the second quarter valued at $4,271,000. Finally, Blair William & Co. IL boosted its stake in Mitek Systems by 254.6% in the second quarter. Blair William & Co. IL now owns 687,370 shares of the company’s stock worth $728,000 after buying an additional 493,525 shares during the period. Hedge funds and other institutional investors own 45.58% of the company’s stock.
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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