Mitek Systems, Inc. (MITK) Downgraded by Zacks Investment Research to “Sell”

Mitek Systems, Inc. (NASDAQ:MITK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

According to Zacks, “Mitek Systems, Inc. is primarily engaged in the development and sale of software products with particular focus on intelligent character recognition and forms processing technology, products and services for the document imaging markets. They develop, market and support what they believe to be the most accurate Automated Document Recognition (ADR) products commercially available for the recognition of hand printed characters. “

MITK has been the topic of a number of other reports. BidaskClub upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research note on Friday, August 25th. Roth Capital set a $12.00 price target on Mitek Systems and gave the stock a “buy” rating in a research note on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $10.67.

Mitek Systems (MITK) traded up $0.15 during trading hours on Friday, reaching $9.65. The company’s stock had a trading volume of 146,920 shares, compared to its average volume of 372,259. Mitek Systems has a one year low of $5.35 and a one year high of $10.75. The firm has a market capitalization of $320.38, a PE ratio of 63.33, a price-to-earnings-growth ratio of 4.75 and a beta of 0.69.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Tuesday, November 7th. The software maker reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Mitek Systems had a return on equity of 12.72% and a net margin of 31.05%. The company had revenue of $12.90 million for the quarter, compared to analysts’ expectations of $12.35 million. During the same period in the prior year, the firm earned $0.07 earnings per share. The firm’s revenue was up 33.4% compared to the same quarter last year. equities research analysts predict that Mitek Systems will post 0.13 EPS for the current year.

In other news, Director Bruce Edward Hansen sold 50,000 shares of the company’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $9.16, for a total transaction of $458,000.00. Following the sale, the director now owns 61,600 shares of the company’s stock, valued at $564,256. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James B. Debello sold 33,903 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $8.56, for a total value of $290,209.68. Following the sale, the chief executive officer now directly owns 962,229 shares in the company, valued at approximately $8,236,680.24. The disclosure for this sale can be found here. Insiders have sold 140,703 shares of company stock worth $1,242,004 in the last ninety days. Corporate insiders own 8.52% of the company’s stock.

Several institutional investors have recently bought and sold shares of MITK. Prudential Financial Inc. purchased a new stake in shares of Mitek Systems during the third quarter worth $101,000. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of Mitek Systems during the third quarter worth $102,000. Burt Wealth Advisors purchased a new stake in shares of Mitek Systems during the second quarter worth $105,000. LLBH Private Wealth Management LLC purchased a new position in Mitek Systems in the second quarter valued at $109,000. Finally, American International Group Inc. increased its holdings 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 during the last quarter. 40.48% of the stock is currently owned by institutional investors and hedge funds.

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About Mitek Systems

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.

Analyst Recommendations for Mitek Systems (NASDAQ:MITK)

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