Mitek Systems (NASDAQ:MITK) Rating Increased to Buy at StockNews.com

Mitek Systems (NASDAQ:MITK) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

A number of other equities research analysts also recently commented on the company. Maxim Group reduced their target price on Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a report on Monday, August 12th. Craig Hallum reduced their price objective on shares of Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, August 9th. HC Wainwright lowered their target price on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Finally, Jefferies Financial Group cut shares of Mitek Systems from a “buy” rating to a “hold” rating and dropped their target price for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Mitek Systems has an average rating of “Moderate Buy” and a consensus target price of $12.13.

Mitek Systems Stock Performance

Shares of MITK stock opened at $8.86 on Friday. The company has a current ratio of 4.46, a quick ratio of 4.46 and a debt-to-equity ratio of 0.68. The stock has a 50 day simple moving average of $8.96 and a 200-day simple moving average of $10.13. The company has a market cap of $409.33 million, a price-to-earnings ratio of -59.07 and a beta of 1.12. Mitek Systems has a 12-month low of $7.35 and a 12-month high of $16.24.

Institutional Investors Weigh In On Mitek Systems

Several institutional investors and hedge funds have recently made changes to their positions in the business. EVR Research LP acquired a new position in Mitek Systems during the second quarter worth about $2,957,000. Marshall Wace LLP increased its stake in shares of Mitek Systems by 251.1% during the 2nd quarter. Marshall Wace LLP now owns 309,163 shares of the software maker’s stock worth $3,456,000 after purchasing an additional 221,116 shares in the last quarter. Creative Planning acquired a new position in shares of Mitek Systems during the 3rd quarter worth approximately $152,000. Foundry Partners LLC purchased a new stake in Mitek Systems in the 2nd quarter valued at approximately $3,275,000. Finally, Capstone Investment Advisors LLC acquired a new stake in Mitek Systems during the 3rd quarter valued at $680,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Mitek Systems Company Profile

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.