BidaskClub upgraded shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a strong-buy rating in a report published on Friday morning.
Several other equities research analysts also recently issued reports on MITK. Zacks Investment Research downgraded Mitek Systems from a buy rating to a hold rating in a report on Saturday, November 3rd. Benchmark upgraded Mitek Systems from a hold rating to a buy rating and set a $12.00 price objective on the stock in a research report on Tuesday, November 27th. ValuEngine upgraded Mitek Systems from a hold rating to a buy rating in a research report on Thursday, October 18th. Finally, National Securities set a $18.00 price objective on Mitek Systems and gave the stock a buy rating in a research report on Friday, November 2nd. Three equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Mitek Systems currently has a consensus rating of Buy and an average price target of $13.67.
Shares of Mitek Systems stock opened at $11.33 on Friday. Mitek Systems has a 1 year low of $6.32 and a 1 year high of $11.92. The firm has a market cap of $438.77 million, a price-to-earnings ratio of 87.15, a price-to-earnings-growth ratio of 4.72 and a beta of -0.45.
Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Tuesday, January 29th. The software maker reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. Mitek Systems had a positive return on equity of 4.64% and a negative net margin of 13.40%. The business had revenue of $17.68 million during the quarter, compared to the consensus estimate of $17.26 million. Equities research analysts expect that Mitek Systems will post 0.16 earnings per share for the current fiscal year.
In related news, CEO James B. Debello sold 42,308 shares of the firm’s stock in a transaction on Monday, November 19th. The stock was sold at an average price of $9.41, for a total value of $398,118.28. Following the transaction, the chief executive officer now owns 718,687 shares in the company, valued at $6,762,844.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Gray sold 2,925 shares of the firm’s stock in a transaction on Monday, November 19th. The stock was sold at an average price of $9.40, for a total value of $27,495.00. Following the completion of the transaction, the insider now owns 124,765 shares in the company, valued at approximately $1,172,791. The disclosure for this sale can be found here. Insiders have sold a total of 155,854 shares of company stock worth $1,519,474 in the last quarter. Company insiders own 8.20% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Mitek Systems in the third quarter worth $890,000. BlackRock Inc. increased its position in shares of Mitek Systems by 12.9% in the second 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 during the period. Independent Advisor Alliance increased its position in shares of Mitek Systems by 1.1% in the third quarter. Independent Advisor Alliance now owns 611,045 shares of the software maker’s stock worth $4,125,000 after purchasing an additional 6,500 shares during the period. Credit Suisse AG increased its position in shares of Mitek Systems by 429.8% in the third quarter. Credit Suisse AG now owns 1,175,675 shares of the software maker’s stock worth $8,288,000 after purchasing an additional 953,764 shares during the period. Finally, Teton Advisors Inc. increased its position in shares of Mitek Systems by 4.4% in the fourth quarter. Teton Advisors Inc. now owns 70,500 shares of the software maker’s stock worth $762,000 after purchasing an additional 3,000 shares during the period. Institutional investors own 45.47% of the company’s stock.
Mitek Systems Company Profile
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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