Mitek Systems (MITK) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a sell rating in a research report report published on Thursday morning.

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. “

Separately, BidaskClub upgraded Mitek Systems from a hold rating to a buy rating in a research note on Friday, August 25th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $10.80.

Mitek Systems (MITK) opened at $9.00 on Thursday. Mitek Systems has a 52-week low of $5.50 and a 52-week high of $10.75. The company has a market capitalization of $304.51, a PE ratio of 23.68, a price-to-earnings-growth ratio of 4.63 and a beta of 0.63.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Tuesday, November 7th. The software maker reported $0.11 EPS for the quarter, beating the consensus estimate of $0.09 by $0.02. The company had revenue of $12.90 million for the quarter, compared to analyst estimates of $12.35 million. Mitek Systems had a return on equity of 11.49% and a net margin of 31.05%. The firm’s revenue was up 33.4% compared to the same quarter last year. During the same period last year, the company posted $0.07 earnings per share. analysts anticipate that Mitek Systems will post 0.13 EPS for the current fiscal year.

In other news, CEO James B. Debello sold 50,000 shares of Mitek Systems stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $8.50, for a total transaction of $425,000.00. Following the sale, the chief executive officer now owns 893,887 shares of the company’s stock, valued at $7,598,039.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Stephen Ritter sold 10,000 shares of Mitek Systems stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $9.57, for a total value of $95,700.00. Following the sale, the insider now directly owns 227,937 shares in the company, valued at approximately $2,181,357.09. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 205,942 shares of company stock valued at $1,812,527. 8.52% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in MITK. Prudential Financial Inc. purchased a new position in Mitek Systems during the 3rd quarter worth approximately $101,000. Chevy Chase Trust Holdings Inc. acquired a new position in Mitek Systems in the third quarter valued at approximately $102,000. Burt Wealth Advisors acquired a new position in Mitek Systems in the second quarter valued at approximately $105,000. JPMorgan Chase & Co. acquired a new position in Mitek Systems in the third quarter valued at approximately $129,000. Finally, Trexquant Investment LP acquired a new position in Mitek Systems in the third quarter valued at approximately $138,000. 43.53% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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