Mitek Systems (NASDAQ:MITK) Cut to “Hold” at Zacks Research

Zacks Research cut shares of Mitek Systems (NASDAQ:MITK) from a strong-buy rating to a hold rating in a research report report published on Tuesday morning,Zacks reports.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Mitek Systems in a research report on Friday, August 7th. Wall Street Zen raised shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Maxim Group set a $26.00 price target on shares of Mitek Systems in a research note on Friday, August 7th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Mitek Systems has a consensus rating of “Hold” and an average price target of $19.33.

Mitek Systems Stock Performance

NASDAQ MITK opened at $17.07 on Tuesday. The business’s 50-day moving average price is $17.87 and its 200 day moving average price is $16.73. Mitek Systems has a twelve month low of $8.53 and a twelve month high of $21.05. The company has a market capitalization of $770.20 million, a PE ratio of 36.32 and a beta of 0.94. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.19.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.06. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%.The firm had revenue of $54.04 million for the quarter, compared to analyst estimates of $50.82 million. On average, research analysts predict that Mitek Systems will post 0.91 earnings per share for the current year.

Institutional Investors Weigh In On Mitek Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC purchased a new position in shares of Mitek Systems in the 2nd quarter worth about $42,000. Squarepoint Ops LLC grew its holdings in shares of Mitek Systems by 97.0% during the 2nd quarter. Squarepoint Ops LLC now owns 137,963 shares of the software maker’s stock worth $2,777,000 after purchasing an additional 67,930 shares during the period. Corient Private Wealth LP purchased a new stake in shares of Mitek Systems during the 2nd quarter worth about $668,000. Wellington Management Group LLP grew its holdings 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 worth $35,834,000 after purchasing an additional 569,379 shares during the period. Finally, Globeflex Capital L P acquired a new stake in Mitek Systems during the 2nd quarter worth approximately $642,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

About Mitek Systems

Mitek Systems, Inc develops software for digital identity verification, fraud prevention and mobile banking. Its technology enables organizations to capture, authenticate and process information from checks, identity documents and other sources through smartphones and digital channels.

The company’s products include Mobile Deposit, which allows consumers to deposit checks remotely, as well as identity-verification and document-authentication solutions designed to support account opening, customer onboarding and ongoing access to digital services.