Mitek Systems (NASDAQ:MITK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a strong-buy rating in a report released on Saturday morning.

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Mitek Systems in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Mitek Systems has an average rating of “Moderate Buy” and a consensus price target of $13.50.

Mitek Systems Stock Down 0.2%

Shares of MITK stock opened at $11.81 on Friday. Mitek Systems has a fifty-two week low of $6.93 and a fifty-two week high of $12.00. The firm’s 50 day moving average price is $10.18 and its two-hundred day moving average price is $9.77. The stock has a market cap of $535.23 million, a price-to-earnings ratio of 33.74 and a beta of 1.07.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, February 5th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. Mitek Systems had a return on equity of 16.86% and a net margin of 8.67%.The firm had revenue of $44.24 million for the quarter, compared to analyst estimates of $42.44 million. On average, equities analysts forecast that Mitek Systems will post 0.59 EPS for the current fiscal year.

Institutional Trading of Mitek Systems

A number of institutional investors have recently made changes to their positions in the stock. New York State Teachers Retirement System bought a new position in Mitek Systems during the 3rd quarter valued at $39,000. Tower Research Capital LLC TRC lifted its holdings in shares of Mitek Systems by 320.3% in the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after buying an additional 4,586 shares during the period. State of Alaska Department of Revenue boosted its stake in Mitek Systems by 305.2% during the fourth quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock valued at $85,000 after buying an additional 6,082 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Mitek Systems by 4,147.9% during the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock worth $97,000 after acquiring an additional 9,706 shares during the period. Finally, Harbor Capital Advisors Inc. raised its position in Mitek Systems by 13.6% in the third quarter. Harbor Capital Advisors Inc. now owns 12,100 shares of the software maker’s stock worth $118,000 after acquiring an additional 1,449 shares in the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Company Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.