Mitek Systems, Inc. (MITK) Receives Consensus Rating of “Buy” from Analysts
Mitek Systems, Inc. (NASDAQ:MITK) has earned an average recommendation of “Buy” from the nine analysts that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $10.60.
MITK has been the topic of a number of recent research reports. Benchmark Co. boosted their price target on shares of Mitek Systems from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Monday, July 24th. Roth Capital set a $10.00 price target on shares of Mitek Systems and gave the stock a “buy” rating in a research note on Saturday, June 10th. BidaskClub upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Zacks Investment Research lowered shares of Mitek Systems from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Finally, Northland Securities reiterated a “buy” rating and set a $11.00 price target on shares of Mitek Systems in a research note on Tuesday, July 25th.
In other news, CFO Russell C. Clark sold 39,400 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $8.25, for a total transaction of $325,050.00. Following the completion of the transaction, the chief financial officer now directly owns 88,818 shares of the company’s stock, valued at $732,748.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 8.52% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. M&T Bank Corp grew its position in shares of Mitek Systems by 100.0% during the first quarter. M&T Bank Corp now owns 40,000 shares of the software maker’s stock worth $266,000 after buying an additional 20,000 shares in the last quarter. TIAA CREF Investment Management LLC boosted its holdings in Mitek Systems by 43.9% in the first quarter. TIAA CREF Investment Management LLC now owns 122,135 shares of the software maker’s stock valued at $812,000 after purchasing an additional 37,271 shares in the last quarter. P.A.W. Capital Corp boosted its holdings in Mitek Systems by 66.7% in the first quarter. P.A.W. Capital Corp now owns 250,000 shares of the software maker’s stock valued at $1,663,000 after purchasing an additional 100,000 shares in the last quarter. Cadence Capital Management LLC boosted its holdings in Mitek Systems by 4.4% in the first quarter. Cadence Capital Management LLC now owns 142,475 shares of the software maker’s stock valued at $947,000 after purchasing an additional 5,994 shares in the last quarter. Finally, Eqis Capital Management Inc. boosted its holdings in Mitek Systems by 16.5% in the second quarter. Eqis Capital Management Inc. now owns 32,273 shares of the software maker’s stock valued at $271,000 after purchasing an additional 4,570 shares in the last quarter. 42.70% of the stock is owned by institutional investors and hedge funds.
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Shares of Mitek Systems (NASDAQ MITK) traded down 1.48% on Tuesday, reaching $10.00. 119,866 shares of the company’s stock traded hands. The firm has a market capitalization of $335.85 million, a P/E ratio of 169.49 and a beta of 0.64. Mitek Systems has a 52 week low of $5.26 and a 52 week high of $10.75. The firm’s 50 day moving average is $9.96 and its 200 day moving average is $8.17.
Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, July 27th. The software maker reported $0.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.02. The company 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 business’s revenue for the quarter was up 29.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.07 earnings per share. Analysts expect that Mitek Systems will post $0.28 earnings per share for the current fiscal year.
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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