Mitek Systems (NASDAQ:MITK) Reaches New 12-Month High – Should You Buy?

Mitek Systems, Inc. (NASDAQ:MITK) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $16.26 and last traded at $16.1130, with a volume of 246838 shares traded. The stock had previously closed at $15.61.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MITK shares. Northland Securities set a $17.00 price target on shares of Mitek Systems in a research report on Wednesday, April 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Mitek Systems in a research report on Friday, March 27th. Zacks Research lowered shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Jefferies Financial Group raised shares of Mitek Systems from a “hold” rating to a “buy” rating and increased their price target for the stock from $11.00 to $15.00 in a research report on Friday, February 13th. Finally, Wall Street Zen lowered shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Mitek Systems presently has a consensus rating of “Hold” and a consensus price target of $16.00.

Mitek Systems Stock Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 2.61 and a quick ratio of 2.61. The firm has a fifty day simple moving average of $14.33 and a 200 day simple moving average of $11.61. The company has a market cap of $710.77 million, a price-to-earnings ratio of 45.16 and a beta of 0.95.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.26 by $0.12. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%.The company had revenue of $54.84 million for the quarter, compared to the consensus estimate of $52.59 million. On average, sell-side analysts expect that Mitek Systems, Inc. will post 0.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Mitek Systems news, COO Garrett Gafke sold 152,529 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $13.92, for a total transaction of $2,123,203.68. Following the transaction, the chief operating officer owned 265,387 shares in the company, valued at $3,694,187.04. This trade represents a 36.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mitek Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MITK. Mak Capital One LLC acquired a new position in Mitek Systems during the fourth quarter valued at approximately $6,690,000. Topline Capital Management LLC acquired a new stake in shares of Mitek Systems in the second quarter worth $5,235,000. Congruence Capital LLC acquired a new stake in shares of Mitek Systems in the fourth quarter worth $4,106,000. Impax Asset Management Group plc grew its stake in shares of Mitek Systems by 40.6% in the third quarter. Impax Asset Management Group plc now owns 1,195,000 shares of the software maker’s stock worth $11,675,000 after acquiring an additional 345,000 shares during the last quarter. Finally, Tudor Investment Corp ET AL grew its stake in shares of Mitek Systems by 1,026.3% in the third quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock worth $2,255,000 after acquiring an additional 210,352 shares during the last quarter. Institutional investors and hedge funds own 83.64% of the company’s stock.

Mitek Systems Company Profile

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.