Mitek Systems (MITK) – Analysts’ Weekly Ratings Updates

Mitek Systems (NASDAQ: MITK) has recently received a number of price target changes and ratings updates:

  • 10/22/2019 – Mitek Systems was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. 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. “
  • 10/18/2019 – Mitek Systems was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $11.00 price target on the stock. 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. “
  • 10/17/2019 – Mitek Systems was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 10/15/2019 – Mitek Systems was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. 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. “
  • 10/12/2019 – Mitek Systems was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $11.00 price target on the stock. 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. “
  • 10/3/2019 – Mitek Systems was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 9/26/2019 – Mitek Systems was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating.
  • 9/25/2019 – Mitek Systems was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $11.00 price target on the stock. 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. “
  • 9/11/2019 – Mitek Systems was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 9/4/2019 – Mitek Systems was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.

Shares of NASDAQ:MITK traded up $0.08 during midday trading on Wednesday, reaching $9.43. The company had a trading volume of 11,423 shares, compared to its average volume of 186,203. The company’s 50 day moving average price is $9.80 and its 200 day moving average price is $10.22. The stock has a market cap of $375.68 million, a P/E ratio of 72.54, a P/E/G ratio of 2.57 and a beta of -0.16. Mitek Systems, Inc. has a 52-week low of $7.63 and a 52-week high of $13.07.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, July 25th. The software maker reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.02. The company had revenue of $21.91 million for the quarter, compared to the consensus estimate of $21.74 million. Mitek Systems had a negative net margin of 7.61% and a positive return on equity of 6.33%. The firm’s quarterly revenue was up 36.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.06 EPS. On average, equities research analysts forecast that Mitek Systems, Inc. will post 0.16 earnings per share for the current fiscal year.

In other Mitek Systems news, insider Jason Gray sold 8,753 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $9.84, for a total transaction of $86,129.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Stephen Ritter sold 15,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $9.93, for a total transaction of $148,950.00. The disclosure for this sale can be found here. 8.20% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Mitek Systems by 2.8% during the second quarter. Vanguard Group Inc. now owns 1,835,393 shares of the software maker’s stock valued at $18,244,000 after purchasing an additional 49,648 shares during the last quarter. Royal Bank of Canada lifted its holdings in Mitek Systems by 63.5% during the second quarter. Royal Bank of Canada now owns 1,123,802 shares of the software maker’s stock valued at $11,171,000 after purchasing an additional 436,428 shares during the last quarter. Park West Asset Management LLC purchased a new stake in Mitek Systems during the second quarter valued at about $10,934,000. Raging Capital Management LLC lifted its holdings in Mitek Systems by 206.2% during the second quarter. Raging Capital Management LLC now owns 1,067,330 shares of the software maker’s stock valued at $10,609,000 after purchasing an additional 718,729 shares during the last quarter. Finally, Independent Advisor Alliance lifted its holdings in Mitek Systems by 8.9% during the second quarter. Independent Advisor Alliance now owns 690,770 shares of the software maker’s stock valued at $6,866,000 after purchasing an additional 56,350 shares during the last quarter. 61.30% of the stock is currently owned by institutional investors and hedge funds.

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.

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