Mitek Systems (NASDAQ:MITK) Rating Lowered to “Hold” at StockNews.com

StockNews.com cut shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a report issued on Tuesday morning.

Several other equities research analysts have also recently commented on the company. Jefferies Financial Group cut Mitek Systems from a “buy” rating to a “hold” rating and decreased their target price for the stock from $17.00 to $9.50 in a research note on Wednesday, September 4th. HC Wainwright increased their price objective on shares of Mitek Systems from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Mitek Systems 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 $11.10 on Tuesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. Mitek Systems has a 52 week low of $7.35 and a 52 week high of $16.24. The firm has a market cap of $478.31 million, a PE ratio of -74.00 and a beta of 1.12. The firm’s fifty day moving average is $9.18 and its 200-day moving average is $9.92.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Monday, December 16th. The software maker reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.16. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. The business had revenue of $43.22 million during the quarter, compared to the consensus estimate of $41.30 million. During the same quarter in the prior year, the firm posted $0.15 EPS. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. Sell-side analysts predict that Mitek Systems will post 0.56 earnings per share for the current year.

Insider Activity at Mitek Systems

In other Mitek Systems news, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.09, for a total transaction of $41,304.96. Following the completion of the transaction, the insider now owns 166,632 shares in the company, valued at approximately $1,514,684.88. The trade was a 2.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Christopher H. Briggs sold 3,320 shares of the 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 sale, the senior vice president now directly owns 65,353 shares of the company’s stock, valued at approximately $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. In the last 90 days, insiders sold 16,699 shares of company stock valued at $152,140. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mitek Systems

Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its holdings in shares of Mitek Systems by 15.2% in the second quarter. Bank of New York Mellon Corp now owns 189,584 shares of the software maker’s stock valued at $2,120,000 after purchasing an additional 24,970 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Mitek Systems by 22.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 195,315 shares of the software maker’s stock valued at $2,184,000 after buying an additional 35,290 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Mitek Systems during the 2nd quarter worth approximately $32,000. Principal Financial Group Inc. boosted its stake in shares of Mitek Systems by 13.6% in the 2nd quarter. Principal Financial Group Inc. now owns 44,843 shares of the software maker’s stock worth $501,000 after buying an additional 5,373 shares during the last quarter. Finally, Kings Path Partners LLC bought a new position in shares of Mitek Systems in the second quarter valued at approximately $833,000. 83.64% of the stock is currently owned by 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.