Mitek Systems (NASDAQ:MITK) Reaches New 52-Week High – What’s Next?

Mitek Systems, Inc. (NASDAQ:MITK) reached a new 52-week high during trading on Wednesday . The company traded as high as $15.18 and last traded at $15.14, with a volume of 223202 shares trading hands. The stock had previously closed at $14.85.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MITK shares. Jefferies Financial Group raised shares of Mitek Systems from a “hold” rating to a “buy” rating and raised their target price for the stock from $11.00 to $15.00 in a research report on Friday, February 13th. Wall Street Zen raised shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Mitek Systems in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.00.

Mitek Systems Price Performance

The business’s 50-day simple moving average is $11.52 and its two-hundred day simple moving average is $10.28. The stock has a market capitalization of $688.41 million, a price-to-earnings ratio of 43.40 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK) last issued its earnings results on Thursday, February 5th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $44.24 million for the quarter, compared to the consensus estimate of $42.44 million. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. As a group, sell-side analysts expect that Mitek Systems, Inc. will post 0.59 EPS for the current year.

Institutional Investors Weigh In On Mitek Systems

Large investors have recently modified their holdings of the stock. New York State Teachers Retirement System acquired a new position in Mitek Systems during the 3rd quarter worth approximately $39,000. Tower Research Capital LLC TRC raised its stake in shares of Mitek Systems by 320.3% during the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after purchasing an additional 4,586 shares during the period. State of Alaska Department of Revenue lifted its position in shares of 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 worth $85,000 after purchasing an additional 6,082 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Mitek Systems by 4,147.9% in the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after purchasing an additional 9,706 shares during the period. Finally, AXQ Capital LP purchased a new position in shares of Mitek Systems in the fourth quarter valued at $117,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

About Mitek Systems

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.