Mitek Systems, Inc. (NASDAQ:MITK) Given Average Rating of “Buy” by Analysts

Mitek Systems, Inc. (NASDAQ:MITK) has earned a consensus rating of “Buy” from the eight analysts that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $9.75.

A number of equities research analysts have recently commented on MITK shares. Zacks Investment Research upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a research report on Thursday, March 23rd. Roth Capital set a $9.00 target price on shares of Mitek Systems and gave the company a “buy” rating in a research report on Wednesday, March 22nd. TheStreet upgraded shares of Mitek Systems from a “c+” rating to a “b” rating in a research report on Friday, April 28th. Benchmark Co. reaffirmed a “buy” rating on shares of Mitek Systems in a research note on Tuesday, March 21st. Finally, BidaskClub raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th.

Shares of Mitek Systems (NASDAQ:MITK) opened at 9.70 on Tuesday. The firm has a 50 day moving average price of $8.50 and a 200-day moving average price of $7.08. The firm has a market cap of $323.72 million, a P/E ratio of 140.58 and a beta of 0.66. Mitek Systems has a one year low of $5.26 and a one year high of $10.00.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Friday, April 28th. The software maker reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.02. The firm had revenue of $11.40 million for the quarter, compared to the consensus estimate of $10.33 million. Mitek Systems had a net margin of 5.85% and a return on equity of 11.64%. The firm’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.07 earnings per share. Analysts forecast that Mitek Systems will post $0.29 earnings per share for the current year.

In other Mitek Systems news, insider Jason Gray sold 7,789 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $8.20, for a total value of $63,869.80. Following the completion of the transaction, the insider now owns 87,211 shares in the company, valued at approximately $715,130.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Russell C. Clark sold 39,400 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $8.25, for a total value of $325,050.00. Following the completion of the transaction, the chief financial officer now owns 88,818 shares of the company’s stock, valued at approximately $732,748.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,869 shares of company stock valued at $411,834. Corporate insiders own 8.52% of the company’s stock.

Several large investors have recently bought and sold shares of MITK. American International Group Inc. raised its stake in Mitek Systems by 7.1% in the first quarter. American International Group Inc. now owns 18,128 shares of the software maker’s stock valued at $121,000 after buying an additional 1,197 shares in the last quarter. Malaga Cove Capital LLC raised its stake in shares of Mitek Systems by 3.4% in the first quarter. Malaga Cove Capital LLC now owns 19,575 shares of the software maker’s stock valued at $126,000 after buying an additional 650 shares in the last quarter. Hilton Capital Management LLC bought a new stake in shares of Mitek Systems during the first quarter valued at $133,000. Bank of America Corp DE raised its stake in shares of Mitek Systems by 2.1% in the first quarter. Bank of America Corp DE now owns 23,382 shares of the software maker’s stock valued at $156,000 after buying an additional 490 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Mitek Systems by 28.1% in the first quarter. Bank of Montreal Can now owns 25,546 shares of the software maker’s stock valued at $170,000 after buying an additional 5,608 shares in the last quarter. 39.12% of the stock is currently owned by institutional investors and hedge funds.

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Mitek Systems Company Profile

Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device keyboard.

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