Mitek Systems (NASDAQ:MITK) Lifted to Hold at BidaskClub

BidaskClub upgraded shares of Mitek Systems (NASDAQ:MITK) from a sell rating to a hold rating in a report released on Thursday morning, BidAskClub reports.

Several other research firms have also issued reports on MITK. Zacks Investment Research upgraded HB Fuller from a sell rating to a hold rating in a research note on Wednesday, July 3rd. National Securities reiterated a neutral rating and set a $11.00 price objective on shares of Horizon Technology Finance in a research note on Thursday, May 2nd. Finally, Benchmark reiterated a buy rating and set a $120.00 price objective (up from $110.00) on shares of SPS Commerce in a research note on Thursday, May 2nd. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $15.00.

Mitek Systems stock opened at $10.73 on Thursday. The business’s fifty day moving average is $9.85. Mitek Systems has a 52-week low of $6.32 and a 52-week high of $13.07. The firm has a market capitalization of $415.63 million, a price-to-earnings ratio of 119.22, a P/E/G ratio of 4.88 and a beta of -0.22.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Wednesday, May 1st. The software maker reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.01. Mitek Systems had a positive return on equity of 4.43% and a negative net margin of 11.79%. The firm had revenue of $19.98 million during the quarter, compared to analyst estimates of $19.20 million. During the same period in the prior year, the company posted $0.06 earnings per share. The business’s revenue for the quarter was up 39.9% compared to the same quarter last year. On average, sell-side analysts forecast that Mitek Systems will post 0.15 earnings per share for the current fiscal year.

In other news, insider Michael E. Diamond sold 38,587 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $11.00, for a total transaction of $424,457.00. Following the sale, the insider now owns 221,477 shares in the company, valued at $2,436,247. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Gray sold 7,145 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $11.60, for a total value of $82,882.00. The disclosure for this sale can be found here. Insiders have sold 58,809 shares of company stock valued at $632,224 over the last quarter. Corporate insiders own 8.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Independent Advisor Alliance grew its holdings in shares of Mitek Systems by 1.6% during the first quarter. Independent Advisor Alliance now owns 634,420 shares of the software maker’s stock worth $7,765,000 after purchasing an additional 10,075 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Mitek Systems by 35.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 465,110 shares of the software maker’s stock valued at $5,028,000 after acquiring an additional 122,944 shares during the last quarter. Potrero Capital Research LLC bought a new position in Mitek Systems in the fourth quarter valued at about $4,526,000. Geode Capital Management LLC boosted its holdings in Mitek Systems by 12.7% in the fourth quarter. Geode Capital Management LLC now owns 387,747 shares of the software maker’s stock valued at $4,191,000 after acquiring an additional 43,719 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in Mitek Systems by 48.8% in the first quarter. Marshall Wace LLP now owns 245,032 shares of the software maker’s stock valued at $2,999,000 after acquiring an additional 80,342 shares during the last quarter. Institutional investors own 57.51% 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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