Traders Buy High Volume of Mitek Systems Call Options (MITK)

Mitek Systems, Inc. (NASDAQ:MITK) was the recipient of some unusual options trading activity on Thursday. Investors bought 2,166 call options on the company. This represents an increase of approximately 2,713% compared to the average volume of 77 call options.

In other news, CEO James B. Debello sold 50,000 shares of the business’s 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James C. Hale III bought 20,000 shares of the company’s stock in a transaction dated Friday, August 31st. The shares were acquired at an average price of $7.17 per share, for a total transaction of $143,400.00. Following the acquisition, the director now owns 111,135 shares in the company, valued at approximately $796,837.95. The disclosure for this purchase can be found here. Insiders own 8.52% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Mitek Systems by 12.9% in the 2nd quarter. BlackRock Inc. now owns 2,190,650 shares of the software maker’s stock worth $19,497,000 after purchasing an additional 250,585 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Mitek Systems by 4.6% in the 2nd quarter. Wells Fargo & Company MN now owns 1,359,255 shares of the software maker’s stock worth $12,098,000 after purchasing an additional 59,360 shares in the last quarter. Unterberg Capital LLC boosted its stake in Mitek Systems by 2.5% in the 2nd quarter. Unterberg Capital LLC now owns 635,000 shares of the software maker’s stock worth $5,652,000 after purchasing an additional 15,622 shares in the last quarter. Essex Investment Management Co. LLC boosted its stake in Mitek Systems by 17.4% in the 3rd quarter. Essex Investment Management Co. LLC now owns 406,784 shares of the software maker’s stock worth $2,868,000 after purchasing an additional 60,230 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Mitek Systems by 8.7% in the 2nd quarter. Northern Trust Corp now owns 388,248 shares of the software maker’s stock worth $3,455,000 after purchasing an additional 31,002 shares in the last quarter. Institutional investors own 45.96% of the company’s stock.

A number of 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 $7.25 target price on the stock in a report on Wednesday, October 10th. TheStreet cut shares of Mitek Systems from a “b” rating to a “c+” rating in a report on Friday, July 27th. BidaskClub upgraded shares of Mitek Systems from a “sell” rating to a “hold” rating in a research note on Friday, October 12th. ValuEngine cut shares of Mitek Systems from a “buy” rating to a “hold” rating in a research note on Saturday, July 28th. Finally, Benchmark cut shares of Mitek Systems from a “buy” rating to a “hold” rating and set a $8.00 price target on the stock. in a research note on Tuesday, August 28th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Mitek Systems currently has an average rating of “Buy” and an average price target of $11.08.

Shares of Mitek Systems stock opened at $8.98 on Friday. The stock has a market capitalization of $319.38 million, a P/E ratio of 42.76, a PEG ratio of 3.13 and a beta of 0.21. Mitek Systems has a 1 year low of $6.32 and a 1 year high of $10.10.

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

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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