Mitek Systems (NASDAQ:MITK) Share Price Passes Above 200 Day Moving Average – Should You Sell?

Shares of Mitek Systems, Inc. (NASDAQ:MITK) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $16.46 and traded as high as $17.27. Mitek Systems shares last traded at $17.14, with a volume of 577,895 shares changing hands.

Wall Street Analyst Weigh In

MITK has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Maxim Group set a $26.00 price objective on Mitek Systems in a research report on Friday, August 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Mitek Systems in a research note on Friday, August 7th. Finally, Zacks Research raised Mitek Systems from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $19.33.

Mitek Systems Price Performance

The firm has a market capitalization of $798.17 million, a PE ratio of 37.64 and a beta of 0.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.74 and a quick ratio of 2.74. The firm has a 50-day simple moving average of $17.93 and a 200-day simple moving average of $16.47.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.06. The firm had revenue of $54.04 million during the quarter, compared to the consensus estimate of $50.82 million. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. As a group, equities analysts forecast that Mitek Systems, Inc. will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP increased its position in shares of Mitek Systems by 47.0% during the 2nd quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker’s stock valued at $35,834,000 after purchasing an additional 569,379 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Mitek Systems by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,685,657 shares of the software maker’s stock worth $22,756,000 after buying an additional 29,997 shares during the period. Renaissance Technologies LLC boosted its stake in 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. Skylands Capital LLC increased its position in Mitek Systems by 30.0% during the first quarter. Skylands Capital LLC now owns 393,400 shares of the software maker’s stock valued at $5,311,000 after acquiring an additional 90,784 shares during the last quarter. Finally, Congruence Capital LLC purchased a new stake in shares of Mitek Systems in the fourth quarter valued at $4,106,000. Institutional investors own 83.64% of the company’s stock.

About Mitek Systems

Mitek Systems, Inc (NASDAQ:MITK) develops digital identity verification and mobile capture software for financial institutions, fintech companies and other businesses. Its technology helps organizations verify identities, authenticate users and automate the submission and processing of documents and checks through digital channels.

The company’s offerings include mobile check deposit and check-processing solutions, as well as identity verification products that use document recognition, facial biometrics and liveness detection.