Mitek Systems (NASDAQ:MITK) Stock Rating Lowered by StockNews.com

Mitek Systems (NASDAQ:MITK) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Tuesday.

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

Mitek Systems Stock Performance

Mitek Systems stock opened at $8.89 on Tuesday. Mitek Systems has a 52 week low of $7.35 and a 52 week high of $16.24. The stock has a 50-day moving average price of $8.77 and a 200 day moving average price of $10.48. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $410.72 million, a price-to-earnings ratio of -59.27 and a beta of 1.07.

Institutional Trading of Mitek Systems

Institutional investors have recently modified their holdings of the stock. nVerses Capital LLC raised its position in shares of Mitek Systems by 25.5% during the 3rd 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. Price T Rowe Associates Inc. MD raised its holdings in shares of Mitek Systems by 6.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 31,027 shares of the software maker’s stock valued at $438,000 after acquiring an additional 1,759 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Mitek Systems by 12.0% during the second quarter. The Manufacturers Life Insurance Company now owns 17,937 shares of the software maker’s stock valued at $201,000 after acquiring an additional 1,923 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Mitek Systems by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock valued at $1,134,000 after acquiring an additional 2,460 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Mitek Systems by 4.0% in the third quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock worth $640,000 after acquiring an additional 2,806 shares during the last quarter. 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.