Mitek Systems (NASDAQ:MITK) Price Target Raised to $14.00 at Maxim Group

Mitek Systems (NASDAQ:MITK) had its target price hoisted by investment analysts at Maxim Group from $13.00 to $14.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Maxim Group’s target price indicates a potential upside of 40.79% from the company’s previous close.

MITK has been the subject of a number of other research reports. StockNews.com raised Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 25th. HC Wainwright reaffirmed a “buy” rating and set a $13.00 price objective on shares of Mitek Systems in a report on Tuesday. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $12.88.

Mitek Systems Stock Down 9.8 %

Shares of MITK traded down $1.08 during midday trading on Tuesday, reaching $9.94. 623,372 shares of the stock were exchanged, compared to its average volume of 515,386. The company has a market cap of $449.77 million, a price-to-earnings ratio of 165.10 and a beta of 1.08. The firm has a 50 day simple moving average of $10.30 and a 200-day simple moving average of $9.62. Mitek Systems has a 12-month low of $7.35 and a 12-month high of $16.24. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 0.67.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). Mitek Systems had a net margin of 1.90% and a return on equity of 16.64%. Research analysts forecast that Mitek Systems will post 0.65 EPS for the current year.

Insider Transactions at Mitek Systems

In other Mitek Systems news, SVP Christopher H. Briggs sold 3,320 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total value of $30,145.60. Following the completion of the transaction, the senior vice president now owns 65,353 shares of the company’s stock, valued at $593,405.24. This represents a 4.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total value of $56,433.54. Following the sale, the insider now directly owns 164,342 shares in the company, valued at $1,490,581.94. The trade was a 3.65 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,699 shares of company stock worth $152,140. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Mitek Systems

Hedge funds have recently made changes to their positions in the company. nVerses Capital LLC grew its holdings in shares of Mitek Systems by 25.5% during the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after purchasing an additional 1,300 shares during the last quarter. Avior Wealth Management LLC acquired a new stake in Mitek Systems in the 3rd quarter valued at about $60,000. Y Intercept Hong Kong Ltd acquired a new stake in Mitek Systems in the 4th quarter valued at about $114,000. Intech Investment Management LLC bought a new position in shares of Mitek Systems in the third quarter worth about $117,000. Finally, Lazari Capital Management Inc. acquired a new position in shares of Mitek Systems during the fourth quarter worth approximately $117,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

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.