Mitek Systems (MITK) Raised to Buy at ValuEngine

Mitek Systems (NASDAQ:MITK) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report released on Thursday.

A number of other brokerages also recently commented on MITK. BidaskClub raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a research report on Saturday, June 23rd. Benchmark downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating and set a $8.00 price objective on the stock. in a research report on Tuesday, August 28th. TheStreet downgraded shares of Mitek Systems from a “b” rating to a “c+” rating in a research report on Friday, July 27th. National Securities reissued a “buy” rating and issued a $17.50 price objective on shares of Mitek Systems in a research report on Sunday, July 29th. Finally, Zacks Investment Research raised shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $7.25 price objective on the stock in a research report on Wednesday, October 10th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $11.08.

Shares of NASDAQ:MITK traded up $0.53 during trading hours on Thursday, reaching $8.98. The stock had a trading volume of 924,400 shares, compared to its average volume of 304,936. Mitek Systems has a 1 year low of $6.32 and a 1 year high of $10.10. The company has a market cap of $266.47 million, a PE ratio of 42.76, a P/E/G ratio of 15.67 and a beta of 0.21.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, July 26th. The software maker reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.03. Mitek Systems had a net margin of 5.75% and a return on equity of 4.74%. The company had revenue of $16.10 million for the quarter, compared to the consensus estimate of $15.33 million. During the same period in the prior year, the firm posted $0.08 EPS. The company’s quarterly revenue was up 36.4% compared to the same quarter last year. As a group, research analysts expect that Mitek Systems will post 0.03 earnings per share for the current fiscal year.

In related news, Director James C. Hale III bought 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 31st. The shares were purchased at an average cost of $7.17 per share, with a total value of $143,400.00. Following the transaction, the director now directly owns 111,135 shares of the company’s stock, valued at approximately $796,837.95. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO James B. Debello sold 50,000 shares of the stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $8.54, for a total transaction of $427,000.00. The disclosure for this sale can be found here. Corporate insiders own 7.50% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of MITK. Mount Yale Investment Advisors LLC purchased a new position in shares of Mitek Systems in the 2nd quarter valued at $122,000. Russell Investments Group Ltd. boosted its stake in Mitek Systems by 35.7% during the 1st quarter. Russell Investments Group Ltd. now owns 25,741 shares of the software maker’s stock worth $190,000 after purchasing an additional 6,772 shares during the period. Mackay Shields LLC acquired a new stake in Mitek Systems during the 2nd quarter worth $208,000. Eqis Capital Management Inc. acquired a new stake in Mitek Systems during the 2nd quarter worth $239,000. Finally, First Trust Advisors LP boosted its stake in Mitek Systems by 85.0% during the 2nd quarter. First Trust Advisors LP now owns 59,223 shares of the software maker’s stock worth $527,000 after purchasing an additional 27,202 shares during the period. 45.93% of the stock is currently owned by hedge funds and other institutional investors.

About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions for enterprise customers worldwide. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences and transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile Websites, and desktop applications; Mobile Fill to pre-fill forms with personal data by simply snapping a picture of the consumer's driver license, credit card, or other document; Mobile Docs, a mobile document scanning solution; and MiSnap Multi-Check Capture, a software development kit that banks embed in their business banking app that facilitates capture of various checks in one deposit session.

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