HC Wainwright Reaffirms “Buy” Rating for Mitek Systems (NASDAQ:MITK)

Mitek Systems (NASDAQ:MITK)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They currently have a $13.00 target price on the software maker’s stock. HC Wainwright’s price objective points to a potential upside of 25.00% from the company’s previous close.

Separately, StockNews.com raised shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 25th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.88.

Mitek Systems Price Performance

MITK stock opened at $10.40 on Tuesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.39 and a current ratio of 4.39. The firm has a market capitalization of $470.39 million, a price-to-earnings ratio of 173.33 and a beta of 1.08. The firm has a 50 day moving average price of $10.35 and a 200-day moving average price of $9.61. Mitek Systems has a 52-week low of $7.35 and a 52-week high of $16.24.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data 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%. Equities research analysts forecast that Mitek Systems will post 0.65 EPS for the current fiscal year.

Insider Transactions at Mitek Systems

In other news, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total value of $56,433.54. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Christopher H. Briggs sold 3,320 shares of the business’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 transaction, the senior vice president now directly owns 65,353 shares of the company’s stock, valued at $593,405.24. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,699 shares of company stock worth $152,140 over the last quarter. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mitek Systems

A number of institutional investors and hedge funds have recently modified their holdings of MITK. Foundry Partners LLC lifted its holdings in Mitek Systems by 44.2% in the fourth quarter. Foundry Partners LLC now owns 500,610 shares of the software maker’s stock valued at $5,572,000 after acquiring an additional 153,415 shares during the period. ExodusPoint Capital Management LP increased its position in shares of Mitek Systems by 24.0% during the 4th quarter. ExodusPoint Capital Management LP now owns 62,822 shares of the software maker’s stock valued at $699,000 after purchasing an additional 12,148 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Mitek Systems by 52.1% during the 4th quarter. JPMorgan Chase & Co. now owns 399,905 shares of the software maker’s stock valued at $4,451,000 after purchasing an additional 136,949 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Mitek Systems in the fourth quarter worth approximately $105,000. Finally, Semanteon Capital Management LP bought a new stake in Mitek Systems during the fourth quarter valued at approximately $341,000. 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.