Mitek Systems (NASDAQ:MITK) Hits New 52-Week High – Time to Buy?

Shares of Mitek Systems, Inc. (NASDAQ:MITK) reached a new 52-week high on Wednesday . The stock traded as high as $14.65 and last traded at $14.42, with a volume of 1827007 shares trading hands. The stock had previously closed at $12.88.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Jefferies Financial Group raised shares of Mitek Systems from a “hold” rating to a “buy” rating and raised their target price for the company from $11.00 to $15.00 in a research report on Friday, February 13th. Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Mitek Systems in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Mitek Systems presently has an average rating of “Moderate Buy” and an average price target of $15.00.

Mitek Systems Trading Up 14.2%

The company has a 50-day moving average of $10.90 and a 200-day moving average of $10.04. The company has a market capitalization of $666.70 million, a price-to-earnings ratio of 42.26 and a beta of 1.07.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Inspire Investing LLC acquired a new position in shares of Mitek Systems in the 3rd quarter valued at $1,005,000. Principal Financial Group Inc. grew its stake in Mitek Systems by 124.5% during the 3rd quarter. Principal Financial Group Inc. now owns 68,944 shares of the software maker’s stock valued at $674,000 after purchasing an additional 38,237 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of 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 during the period. Hillsdale Investment Management Inc. raised its stake in shares of Mitek Systems by 31.2% in the second quarter. Hillsdale Investment Management Inc. now owns 578,100 shares of the software maker’s stock worth $5,723,000 after purchasing an additional 137,500 shares during the last quarter. Finally, Skylands Capital LLC lifted its holdings in shares of Mitek Systems by 140.0% during the third quarter. Skylands Capital LLC now owns 225,296 shares of the software maker’s stock worth $2,201,000 after purchasing an additional 131,421 shares during the period. 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.