Mitek Systems (NASDAQ:MITK) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $13.14 and traded as high as $17.90. Mitek Systems shares last traded at $17.31, with a volume of 1,138,046 shares changing hands.

Analyst Upgrades and Downgrades

MITK has been the subject of several recent analyst reports. Weiss Ratings raised shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Wall Street Zen lowered Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Finally, Northland Securities set a $17.00 price target on Mitek Systems in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $16.00.

Mitek Systems Price Performance

The company’s 50 day moving average is $15.56 and its 200 day moving average is $13.25. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $784.88 million, a price-to-earnings ratio of 49.66 and a beta of 1.02.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.12. The company had revenue of $54.84 million during the quarter, compared to the consensus estimate of $52.59 million. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. Research analysts anticipate that Mitek Systems, Inc. will post 0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Mitek Systems news, COO Garrett Gafke sold 152,529 shares of Mitek Systems 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 of the company’s stock, valued at $3,694,187.04. The trade was a 36.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. purchased a new stake in Mitek Systems in the 1st quarter valued at $2,312,000. Anson Funds Management LP purchased a new position in Mitek Systems during the 1st quarter worth $998,000. Maverick Capital Ltd. acquired a new position in Mitek Systems in the first quarter valued at $589,000. Quantinno Capital Management LP increased its stake in Mitek Systems by 230.3% in the first quarter. Quantinno Capital Management LP now owns 50,609 shares of the software maker’s stock valued at $683,000 after purchasing an additional 35,289 shares during the period. Finally, SummitTX Capital L.P. purchased a new stake in shares of Mitek Systems in the first quarter valued at about $140,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.