Mitek Systems (MITK) Stock Rating Lowered by BidaskClub

Mitek Systems (NASDAQ:MITK) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Friday.

Separately, Zacks Investment Research raised Mitek Systems from a “sell” rating to a “hold” rating in a research report on Saturday, November 18th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $10.80.

Mitek Systems (NASDAQ:MITK) opened at $8.95 on Friday. The company has a market capitalization of $304.28, a P/E ratio of 23.55, a P/E/G ratio of 4.38 and a beta of 0.64. Mitek Systems has a 52-week low of $5.50 and a 52-week high of $10.75.

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 the consensus estimate of $0.09 by $0.02. Mitek Systems had a return on equity of 11.49% and a net margin of 31.05%. The firm had revenue of $12.90 million for the quarter, compared to analyst estimates of $12.35 million. During the same period in the previous year, the company posted $0.07 EPS. Mitek Systems’s revenue for the quarter was up 33.4% on a year-over-year basis. research analysts anticipate that Mitek Systems will post 0.13 EPS for the current year.

In related news, CEO James B. Debello sold 50,000 shares of the company’s 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 directly owns 893,887 shares of the company’s stock, valued at approximately $7,598,039.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen Ritter sold 10,000 shares of the company’s 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 $2,181,357.09. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 205,942 shares of company stock worth $1,812,527. 8.52% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE raised its position in shares of Mitek Systems by 2.1% during the 1st quarter. Bank of America Corp DE now owns 23,382 shares of the software maker’s stock valued at $156,000 after acquiring an additional 490 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Mitek Systems by 1.3% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 123,759 shares of the software maker’s stock valued at $1,040,000 after acquiring an additional 1,624 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Mitek Systems by 7.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,541 shares of the software maker’s stock valued at $214,000 after acquiring an additional 1,854 shares in the last quarter. Rhumbline Advisers raised its position in shares of Mitek Systems by 6.1% during the 2nd quarter. Rhumbline Advisers now owns 33,626 shares of the software maker’s stock valued at $282,000 after acquiring an additional 1,927 shares in the last quarter. Finally, Voya Investment Management LLC raised its position in shares of Mitek Systems by 20.0% during the 2nd quarter. Voya Investment Management LLC now owns 17,451 shares of the software maker’s stock valued at $147,000 after acquiring an additional 2,906 shares in the last quarter. 43.53% 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.

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