Mitek Systems (NASDAQ:MITK) Stock Crosses Above Two Hundred Day Moving Average – Should You Sell?

Mitek Systems, Inc. (NASDAQ:MITK)’s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $14.57 and traded as high as $17.16. Mitek Systems shares last traded at $15.91, with a volume of 1,334,978 shares changing hands.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Zacks Research downgraded shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Weiss Ratings raised shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Northland Securities set a $17.00 price objective on shares of Mitek Systems in a research note on Wednesday, April 15th. 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 research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $16.00.

Mitek Systems Trading Up 6.0%

The stock has a 50-day moving average of $17.46 and a 200 day moving average of $14.59. The stock has a market cap of $761.85 million, a PE ratio of 48.20 and a beta of 0.97. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.12. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. The company had revenue of $54.84 million for the quarter, compared to the consensus estimate of $52.59 million. As a group, sell-side analysts anticipate that Mitek Systems, Inc. will post 0.86 earnings per share for the current year.

Insider Buying and Selling at Mitek Systems

In related news, COO Garrett Gafke sold 21,108 shares of the firm’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $14.19, for a total transaction of $299,522.52. Following the completion of the transaction, the chief operating officer owned 244,279 shares of the company’s stock, valued at $3,466,319.01. This trade represents a 7.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Mitek Systems

Several hedge funds have recently added to or reduced their stakes in MITK. Tower Research Capital LLC TRC raised its stake in shares of Mitek Systems by 320.3% during the 2nd 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 last quarter. State of Alaska Department of Revenue boosted its stake in shares of Mitek Systems by 305.2% in the fourth quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock worth $85,000 after buying an additional 6,082 shares during 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. SummitTX Capital L.P. acquired a new stake in Mitek Systems during the first quarter worth about $140,000. Finally, AXQ Capital LP purchased a new position in Mitek Systems during the fourth quarter valued at approximately $117,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

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.