Mitek Systems, Inc. (MITK) Upgraded to Buy at BidaskClub
BidaskClub upgraded shares of Mitek Systems, Inc. (NASDAQ:MITK) from a hold rating to a buy rating in a report issued on Friday morning.
MITK has been the topic of a number of other research reports. ValuEngine raised shares of Mitek Systems from a sell rating to a hold rating in a research note on Saturday, June 3rd. Roth Capital set a $12.00 target price on shares of Mitek Systems and gave the company a buy rating in a research note on Friday, July 28th. Zacks Investment Research raised shares of Mitek Systems from a hold rating to a strong-buy rating and set a $11.00 target price on the stock in a research note on Friday, July 14th. Northland Securities reaffirmed a buy rating and set a $11.00 target price on shares of Mitek Systems in a research note on Tuesday, July 25th. Finally, TheStreet raised shares of Mitek Systems from a c+ rating to a b rating in a research note on Friday, April 28th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Mitek Systems presently has a consensus rating of Buy and a consensus price target of $10.67.
Mitek Systems (MITK) traded down 2.46% during mid-day trading on Friday, hitting $9.90. The company’s stock had a trading volume of 330,460 shares. The firm has a 50 day moving average of $9.88 and a 200-day moving average of $8.02. The firm has a market cap of $332.49 million, a price-to-earnings ratio of 167.80 and a beta of 0.68. Mitek Systems has a 52-week low of $5.26 and a 52-week high of $10.75.
Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, July 27th. The software maker reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The firm had revenue of $11.80 million for the quarter, compared to analyst estimates of $11.48 million. Mitek Systems had a net margin of 5.19% and a return on equity of 10.45%. The company’s revenue for the quarter was up 29.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.07 EPS. On average, equities research analysts expect that Mitek Systems will post $0.28 EPS for the current fiscal year.
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In related news, CFO Russell C. Clark sold 39,400 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $8.25, for a total transaction of $325,050.00. Following the sale, the chief financial officer now owns 88,818 shares of the company’s stock, valued at $732,748.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 8.52% of the company’s stock.
Large investors have recently bought and sold shares of the company. Burt Wealth Advisors acquired a new stake in Mitek Systems during the second quarter valued at approximately $105,000. LLBH Private Wealth Management LLC acquired a new stake in Mitek Systems during the second quarter valued at approximately $109,000. American International Group Inc. raised its stake in Mitek Systems by 7.1% in the first quarter. American International Group Inc. now owns 18,128 shares of the software maker’s stock valued at $121,000 after buying an additional 1,197 shares during the last quarter. Malaga Cove Capital LLC raised its stake in Mitek Systems by 3.4% in the first quarter. Malaga Cove Capital LLC now owns 19,575 shares of the software maker’s stock valued at $126,000 after buying an additional 650 shares during the last quarter. Finally, Hilton Capital Management LLC acquired a new stake in Mitek Systems during the first quarter valued at approximately $133,000. 39.88% 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 their camera-equipped smartphones and tablets instead of using the device keyboard.
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