Mitek Systems (NASDAQ:MITK) Stock Price Up 5.7% – Still a Buy?

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price rose 5.7% during trading on Friday . The company traded as high as $14.68 and last traded at $14.3450. Approximately 429,351 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 894,467 shares. The stock had previously closed at $13.57.

Wall Street Analysts Forecast Growth

MITK has been the subject of a number of analyst reports. Zacks Research downgraded shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Northland Securities set a $17.00 price objective on shares of Mitek Systems in a report on Wednesday, April 15th. Weiss Ratings raised shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday. Jefferies Financial Group raised shares of Mitek Systems from a “hold” rating to a “buy” rating and lifted their price objective for the company from $11.00 to $15.00 in a report on Friday, February 13th. Finally, Wall Street Zen lowered shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $16.00.

Mitek Systems Trading Up 6.5%

The company has a market capitalization of $652.56 million, a price-to-earnings ratio of 41.28 and a beta of 0.95. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20. The company’s 50 day simple moving average is $14.32 and its two-hundred day simple moving average is $11.79.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.12. The company had revenue of $54.84 million during the quarter, compared to the consensus estimate of $52.59 million. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. As a group, research analysts anticipate that Mitek Systems, Inc. will post 0.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Garrett Gafke sold 152,529 shares of Mitek Systems stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total transaction of $2,123,203.68. Following the completion of the sale, the chief operating officer directly owned 265,387 shares in the company, valued at approximately $3,694,187.04. The trade was a 36.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mitek Systems

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its stake in shares of Mitek Systems by 9.9% during the first quarter. Renaissance Technologies LLC now owns 430,593 shares of the software maker’s stock worth $5,813,000 after buying an additional 38,793 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Mitek Systems during the first quarter worth $411,000. Bank of Nova Scotia acquired a new stake in shares of Mitek Systems during the first quarter worth $299,000. Sei Investments Co. acquired a new stake in shares of Mitek Systems during the first quarter worth $2,531,000. Finally, Globeflex Capital L P lifted its stake in shares of Mitek Systems by 107.3% during the first quarter. Globeflex Capital L P now owns 31,902 shares of the software maker’s stock worth $431,000 after buying an additional 16,512 shares during the period. 83.64% of the stock is currently owned by institutional investors and hedge funds.

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.