Mitek Systems (NASDAQ:MITK) Sets New 1-Year High – What’s Next?

Shares of Mitek Systems, Inc. (NASDAQ:MITK) reached a new 52-week high on Friday . The company traded as high as $13.70 and last traded at $13.1820, with a volume of 476742 shares. The stock had previously closed at $11.51.

Analyst Upgrades and Downgrades

MITK has been the subject of several recent research reports. Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Friday. Wall Street Zen raised shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Mitek Systems in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Mitek Systems has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

Mitek Systems Stock Up 17.2%

The company has a market capitalization of $611.50 million, a P/E ratio of 38.55 and a beta of 1.07. The firm has a fifty day simple moving average of $10.31 and a 200-day simple moving average of $9.81.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, February 5th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $44.24 million during the quarter, compared to analyst estimates of $42.44 million. Mitek Systems had a return on equity of 16.86% and a net margin of 8.67%. On average, sell-side analysts predict that Mitek Systems, Inc. will post 0.59 earnings per share for the current fiscal year.

Institutional Trading of Mitek Systems

Several hedge funds and other institutional investors have recently modified their holdings of MITK. Inspire Investing LLC acquired a new stake in shares of Mitek Systems in the third quarter valued at about $1,005,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in Mitek Systems by 96.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 64,715 shares of the software maker’s stock valued at $641,000 after purchasing an additional 31,718 shares in the last quarter. Hillsdale Investment Management Inc. grew its stake in Mitek Systems by 31.2% in the second quarter. Hillsdale Investment Management Inc. now owns 578,100 shares of the software maker’s stock valued at $5,723,000 after purchasing an additional 137,500 shares in the last quarter. CSM Advisors LLC acquired a new position in shares of Mitek Systems during the 2nd quarter worth approximately $5,201,000. Finally, LSV Asset Management raised its stake in shares of Mitek Systems by 45.3% during the 2nd quarter. LSV Asset Management now owns 128,291 shares of the software maker’s stock worth $1,270,000 after purchasing an additional 40,000 shares in the last quarter. Institutional investors and hedge funds own 83.64% of the company’s stock.

About Mitek Systems

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.