Mitek Systems (NASDAQ: MITK – Get an Assessment) was downgraded by StockNews.com from a “strong buy” rating to a “buy” rating in a research note released Saturday to investors.
Several other analysts have also recently released reports on the company. HC Wainwright reduced its target price on Mitek Systems from $27.00 to $22.00 in a Friday, April 29 research note. Northland Securities cut its price target on Mitek Systems from $20.00 to $15.00 in a Wednesday, May 25 research report. TheStreet upgraded Mitek Systems from a “b-” to a “c+” rating in a Tuesday, May 3 research report. Finally, Maxim Group reiterated a “buy” rating and set a target price of $28.00 on shares of Mitek Systems in a Friday, April 29 report. One equity research analyst gave the stock a hold rating and five gave the company’s stock a buy rating. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $21.00.
The NASDAQ MITK opened at $9.34 on Friday. The company has a debt ratio of 0.67, a current ratio of 2.39 and a quick ratio of 2.39. The stock has a market capitalization of $414.20 million, a PE ratio of 40.61 and a beta of 0.63. Mitek Systems has a 1-year low of $8.54 and a 1-year high of $23.29. The company’s 50-day moving average is $11.58 and its 200-day moving average is $14.45.
Mitek Systems (NASDAQ:MITK – Get Rating) last reported results on Thursday, April 28. The software maker reported earnings per share (EPS) of $0.19 for the quarter, beating the consensus estimate of $0.13 by $0.06. The company posted revenue of $34.70 million for the quarter, compared to $33.02 million expected by analysts. Mitek Systems had a return on equity of 17.17% and a net margin of 7.76%. Mitek Systems quarterly revenue increased 20.6% year over year. During the same period last year, the company made earnings per share of $0.11. As a group, equity research analysts expect Mitek Systems to post earnings per share of 0.59 for the current year.
In related news, CEO Scipio Maximus Carnecchia sold 9,957 shares of the company in a trade that took place on Tuesday, March 22. The shares were sold at an average price of $14.20, for a total value of $141,389.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, insider Jason Gray sold 3,589 shares of the company in a trade that took place on Tuesday, March 22. The stock was sold at an average price of $14.20, for a total transaction of $50,963.80. The disclosure of this sale can be found here. Insiders sold 16,958 shares of the company valued at $240,815 during the last quarter. Insiders of the company hold 3.40% of the shares of the company.
A number of hedge funds and other institutional investors have recently changed their positions in MITK. Granahan Investment Management Inc. MA bought a new position in Mitek Systems in Q3 worth approximately $15,949,000. Blue Grotto Capital LLC increased its stake in Mitek Systems by 37.1% in the 4th quarter. Blue Grotto Capital LLC now owns 2,280,876 shares of the software maker worth $40,485,000 after acquiring 617,657 additional shares in the last quarter. Millennium Management LLC increased its stake in Mitek Systems by 112.4% in the fourth quarter. Millennium Management LLC now owns 538,572 shares of the software maker worth $9,560,000 after acquiring an additional 285,029 shares in the last quarter. Independent Advisor Alliance increased its stake in Mitek Systems by 17.2% during the 1st quarter. Independent Advisor Alliance now owns 1,326,668 shares of the software maker valued at $19,462,000 after buying an additional 194,968 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Mitek Systems by 5.5% during the 3rd quarter. BlackRock Inc. now owns 3,224,084 shares of the software maker valued at $59,644,000 after buying an additional 166,825 shares in the last quarter. Institutional investors hold 66.93% of the company’s shares.
Mitek Systems Company Profile (Get a rating)
Mitek Systems, Inc develops, markets and sells mobile image capture and digital identity verification solutions in the United States, Europe, Latin America and internationally. The company’s solutions are integrated into native mobile apps and web browsers to facilitate consumers’ digital experiences.
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