Mitek Systems Inc. (MITK) Receives $9.75 Average PT from Brokerages
Mitek Systems Inc. (NASDAQ:MITK) has earned an average rating of “Buy” from the seven research firms that are covering the firm. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $9.75.
Several analysts have recently commented on MITK shares. Benchmark Co. restated a “buy” rating and issued a $10.00 target price on shares of Mitek Systems in a research note on Friday, November 4th. Zacks Investment Research cut shares of Mitek Systems from a “hold” rating to a “sell” rating in a research report on Wednesday, November 9th. Finally, TheStreet cut shares of Mitek Systems from a “buy” rating to a “hold” rating in a research report on Thursday, August 18th.
In other Mitek Systems news, CEO James B. Debello sold 22,769 shares of Mitek Systems stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $5.41, for a total transaction of $123,180.29. Following the transaction, the chief executive officer now owns 942,985 shares of the company’s stock, valued at approximately $5,101,548.85. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Russell C. Clark sold 15,349 shares of Mitek Systems stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $5.41, for a total transaction of $83,038.09. Following the transaction, the insider now directly owns 234,533 shares in the company, valued at approximately $1,268,823.53. The disclosure for this sale can be found here. Company insiders own 9.06% of the company’s stock.
Several institutional investors have recently bought and sold shares of MITK. California State Teachers Retirement System boosted its position in Mitek Systems by 0.6% in the third quarter. California State Teachers Retirement System now owns 62,139 shares of the company’s stock valued at $515,000 after buying an additional 400 shares in the last quarter. Rhumbline Advisers boosted its position in Mitek Systems by 2.9% in the third quarter. Rhumbline Advisers now owns 28,601 shares of the company’s stock valued at $237,000 after buying an additional 800 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Mitek Systems by 0.5% in the third quarter. Ameriprise Financial Inc. now owns 176,671 shares of the company’s stock valued at $1,464,000 after buying an additional 898 shares in the last quarter. Advisor Group Inc. boosted its position in Mitek Systems by 14.5% in the third quarter. Advisor Group Inc. now owns 19,652 shares of the company’s stock valued at $163,000 after buying an additional 2,485 shares in the last quarter. Finally, US Bancorp DE boosted its position in Mitek Systems by 26.7% in the second quarter. US Bancorp DE now owns 19,000 shares of the company’s stock valued at $135,000 after buying an additional 4,000 shares in the last quarter. 47.94% of the stock is currently owned by hedge funds and other institutional investors.
Mitek Systems (NASDAQ:MITK) opened at 5.75 on Friday. Mitek Systems has a 12 month low of $3.95 and a 12 month high of $9.49. The firm’s 50-day moving average price is $6.75 and its 200-day moving average price is $7.61. The firm has a market cap of $188.49 million, a P/E ratio of 95.83 and a beta of 2.58.
Mitek Systems (NASDAQ:MITK) last issued its earnings results on Thursday, November 3rd. The company reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The company earned $9.67 million during the quarter, compared to the consensus estimate of $9.60 million. Mitek Systems had a return on equity of 13.41% and a net margin of 5.65%. The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period last year, the business posted $0.09 EPS. On average, equities research analysts expect that Mitek Systems will post $0.28 EPS for the current fiscal year.
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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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