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

Shares of Mitek Systems, Inc. (NASDAQ:MITK) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $16.68 and last traded at $16.67, with a volume of 760808 shares changing hands. The stock had previously closed at $16.03.

Wall Street Analysts Forecast Growth

MITK has been the subject of several research analyst reports. Zacks Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Wall Street Zen cut shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Jefferies Financial Group raised shares of Mitek Systems from a “hold” rating to a “buy” rating and upped their price target for the company from $11.00 to $15.00 in a report on Friday, February 13th. Northland Securities set a $17.00 price objective on shares of Mitek Systems in a research report on Wednesday, April 15th. Finally, Weiss Ratings raised shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Mitek Systems has an average rating of “Hold” and an average price target of $16.00.

Mitek Systems Stock Up 4.1%

The company has a market capitalization of $753.27 million, a price-to-earnings ratio of 47.66 and a beta of 0.95. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average price of $14.34 and a 200-day moving average price of $12.07.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.12. The business had revenue of $54.84 million during the quarter, compared to analyst estimates of $52.59 million. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%. As a group, equities analysts anticipate that Mitek Systems, Inc. will post 0.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Mitek Systems

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

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MITK. Tower Research Capital LLC TRC raised its stake in Mitek Systems by 320.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after purchasing an additional 4,586 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Mitek Systems by 305.2% during the fourth quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock valued at $85,000 after buying an additional 6,082 shares in the last quarter. Russell Investments Group Ltd. raised its position in Mitek Systems by 4,147.9% during the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after buying an additional 9,706 shares during the period. AXQ Capital LP acquired a new position in Mitek Systems during the fourth quarter valued at $117,000. Finally, AlphaQuest LLC purchased a new stake in Mitek Systems in the 3rd quarter worth about $130,000. 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.