Mitek Systems (NASDAQ:MITK) Downgraded to Hold Rating by StockNews.com

StockNews.com downgraded shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a research note published on Tuesday morning.

A number of other equities analysts have also recently weighed in on MITK. HC Wainwright lifted their price target on shares of Mitek Systems from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday. Jefferies Financial Group lowered Mitek Systems from a “buy” rating to a “hold” rating and dropped their price target 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.63.

Mitek Systems Stock Up 15.2 %

Shares of NASDAQ:MITK opened at $10.93 on Tuesday. Mitek Systems has a one year low of $7.35 and a one year high of $16.24. The stock has a market cap of $505.01 million, a price-to-earnings ratio of -72.87 and a beta of 1.12. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.46 and a quick ratio of 4.46. The company has a 50 day moving average of $9.04 and a 200-day moving average of $9.91.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Monday, December 16th. The software maker reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.16. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The business had revenue of $43.22 million during the quarter, compared to analysts’ expectations of $41.30 million. During the same period in the previous year, the firm earned $0.15 earnings per share. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. On average, sell-side analysts forecast that Mitek Systems will post 0.56 earnings per share for the current year.

Insider Activity at Mitek Systems

In other news, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total value of $41,304.96. Following the completion of the transaction, the insider now owns 166,632 shares of the company’s stock, valued at $1,514,684.88. This trade represents a 2.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Christopher H. Briggs sold 3,320 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total transaction of $30,145.60. Following the completion of the sale, the senior vice president now owns 65,353 shares of the company’s stock, valued at $593,405.24. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,699 shares of company stock valued at $152,140. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Mitek Systems

Several institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its position in Mitek Systems by 357.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 82,578 shares of the software maker’s stock worth $716,000 after buying an additional 64,509 shares during the period. EVR Research LP acquired a new position in shares of Mitek Systems during the 2nd quarter worth approximately $2,957,000. Marshall Wace LLP increased its holdings in shares of Mitek Systems by 251.1% during the second 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 during the period. Creative Planning acquired a new stake in Mitek Systems during the third quarter worth approximately $152,000. Finally, Foundry Partners LLC bought a new position in Mitek Systems during the 2nd quarter worth $3,275,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

About Mitek Systems

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.