Mitek Systems (NASDAQ:MITK) Reaches New 52-Week High – Still a Buy?

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $18.15 and last traded at $18.0650, with a volume of 143657 shares traded. The stock had previously closed at $17.65.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MITK. Northland Securities set a $17.00 target price on shares of Mitek Systems in a research note on Wednesday, April 15th. Zacks Research lowered shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Wall Street Zen downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Weiss Ratings raised shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.00.

Mitek Systems Stock Up 5.6%

The stock has a market cap of $841.33 million, a P/E ratio of 53.24 and a beta of 1.02. 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 business has a 50-day simple moving average of $15.62 and a 200-day simple moving average of $13.31.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.26 by $0.12. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%.The company had revenue of $54.84 million for the quarter, compared to the consensus estimate of $52.59 million. Analysts expect that Mitek Systems, Inc. will post 0.86 EPS for the current year.

Insider Transactions at Mitek Systems

In related 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 value of $2,123,203.68. Following the transaction, the chief operating officer owned 265,387 shares in the company, valued at $3,694,187.04. This trade represents a 36.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Mitek Systems

Several hedge funds have recently modified their holdings of MITK. Mak Capital One LLC acquired a new stake in shares of Mitek Systems in the fourth quarter worth $6,690,000. Topline Capital Management LLC acquired a new position in Mitek Systems during the 2nd quarter valued at $5,235,000. Congruence Capital LLC bought a new stake in Mitek Systems in the 4th quarter valued at $4,106,000. Tudor Investment Corp ET AL boosted its holdings in Mitek Systems by 1,026.3% in the 3rd quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock valued at $2,255,000 after purchasing an additional 210,352 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in Mitek Systems by 109.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 395,956 shares of the software maker’s stock worth $4,177,000 after purchasing an additional 206,593 shares during the last quarter. 83.64% of the stock is owned by institutional investors.

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.