Mitek Systems (NASDAQ:MITK) Given New $13.00 Price Target at HC Wainwright

Mitek Systems (NASDAQ:MITK) had its price target lifted by HC Wainwright from $11.00 to $13.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

MITK has been the subject of a number of other reports. StockNews.com raised Mitek Systems from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. Jefferies Financial Group cut Mitek Systems from a “buy” rating to a “hold” rating and decreased their target price for the company from $17.00 to $9.50 in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.63.

Mitek Systems Price Performance

Shares of NASDAQ MITK opened at $10.93 on Tuesday. The stock has a market cap of $505.01 million, a P/E ratio of -72.87 and a beta of 1.12. The firm’s 50-day simple moving average is $9.04 and its 200 day simple moving average is $9.91. Mitek Systems has a fifty-two week low of $7.35 and a fifty-two week high of $16.24. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Monday, December 16th. The software maker reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.16. The company had revenue of $43.22 million for the quarter, compared to the consensus estimate of $41.30 million. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. Mitek Systems’s revenue was up 14.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.15 EPS. Equities analysts expect that Mitek Systems will post 0.56 EPS for the current year.

Insider Activity

In other news, insider Jason Gray sold 6,222 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the sale, the insider now owns 164,342 shares in the company, valued at $1,490,581.94. The trade was a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Christopher H. Briggs sold 3,320 shares of the company’s stock in a transaction that occurred on 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 approximately $593,405.24. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,699 shares of company stock worth $152,140. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Mitek Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in MITK. nVerses Capital LLC boosted its position in shares of Mitek Systems by 25.5% in the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after buying an additional 1,300 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Mitek Systems by 12.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,937 shares of the software maker’s stock worth $201,000 after acquiring an additional 1,923 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Mitek Systems by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock worth $1,134,000 after acquiring an additional 2,460 shares during the period. Janus Henderson Group PLC grew its stake in Mitek Systems by 4.0% during the 3rd quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock valued at $640,000 after acquiring an additional 2,806 shares in the last quarter. Finally, Innealta Capital LLC acquired a new position in shares of Mitek Systems in the 2nd quarter valued at about $32,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.