Mitek Systems (NASDAQ:MITK) Trading Up 7.2% – Should You Buy?

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price traded up 7.2% during trading on Friday . The stock traded as high as $17.10 and last traded at $17.0490. Approximately 250,269 shares traded hands during trading, a decline of 74% from the average daily volume of 945,932 shares. The stock had previously closed at $15.91.

Wall Street Analysts Forecast Growth

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

Mitek Systems Price Performance

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 cap of $770.52 million, a PE ratio of 48.75 and a beta of 0.97. The firm’s 50-day moving average price is $17.40 and its two-hundred day moving average price is $14.57.

Mitek Systems (NASDAQ:MITK) last posted its earnings results 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 for 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%. On average, equities analysts expect that Mitek Systems, Inc. will post 0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Mitek Systems

In related news, COO Garrett Gafke sold 21,108 shares of the company’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $14.19, for a total transaction of $299,522.52. Following the transaction, the chief operating officer directly owned 244,279 shares of the company’s stock, valued at $3,466,319.01. This represents a 7.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.20% of the stock is owned by insiders.

Institutional Trading of Mitek Systems

Several large investors have recently made changes to their positions in MITK. Tudor Investment Corp ET AL boosted its holdings in 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 valued at $2,255,000 after purchasing an additional 210,352 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Mitek Systems in the fourth quarter valued at approximately $1,124,000. Impax Asset Management Group plc boosted its position in Mitek Systems by 8.4% in the 4th quarter. Impax Asset Management Group plc now owns 1,295,000 shares of the software maker’s stock worth $13,662,000 after purchasing an additional 100,000 shares in the last quarter. Skylands Capital LLC boosted its position in Mitek Systems by 34.3% in the 4th quarter. Skylands Capital LLC now owns 302,616 shares of the software maker’s stock worth $3,193,000 after purchasing an additional 77,320 shares in the last quarter. Finally, Independent Advisor Alliance grew its stake in shares of Mitek Systems by 4.5% during the 4th quarter. Independent Advisor Alliance now owns 1,225,119 shares of the software maker’s stock worth $12,925,000 after purchasing an additional 53,016 shares during the period. 83.64% of the stock is owned by hedge funds and other institutional investors.

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.