Mitek Systems (NASDAQ:MITK) Stock Price Breaks Above Two Hundred Day Moving Average on Analyst Downgrade

Shares of Mitek Systems, Inc. (NASDAQ:MITK) passed above its 200-day moving average during trading on Wednesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock has a 200-day moving average of $16.71 and traded as high as $17.50. Mitek Systems shares last traded at $17.46, with a volume of 536,440 shares trading hands.

MITK has been the topic of several other reports. Weiss Ratings restated a “hold (c+)” rating on shares of Mitek Systems in a research report on Friday, August 7th. Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Finally, Maxim Group set a $26.00 target price on shares of Mitek Systems in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.33.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC purchased a new stake in shares of Mitek Systems during the 2nd quarter worth about $42,000. Squarepoint Ops LLC raised its stake in shares of Mitek Systems by 97.0% in the 2nd quarter. Squarepoint Ops LLC now owns 137,963 shares of the software maker’s stock valued at $2,777,000 after buying an additional 67,930 shares in the last quarter. Corient Private Wealth LP acquired a new position in shares of Mitek Systems in the 2nd quarter worth approximately $668,000. Wellington Management Group LLP lifted its holdings in Mitek Systems by 47.0% during the 2nd quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker’s stock valued at $35,834,000 after purchasing an additional 569,379 shares during the last quarter. Finally, Globeflex Capital L P acquired a new position in Mitek Systems in the second quarter worth $642,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Mitek Systems Price Performance

The company’s 50 day moving average price is $17.87 and its 200 day moving average price is $16.73. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.74 and a quick ratio of 2.74. The firm has a market capitalization of $798.62 million, a P/E ratio of 37.66 and a beta of 0.94.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, August 6th. The software maker reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.06. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. The business had revenue of $54.04 million for the quarter, compared to analyst estimates of $50.82 million. As a group, sell-side analysts anticipate that Mitek Systems, Inc. will post 0.91 EPS for the current fiscal year.

Mitek Systems Company Profile

Mitek Systems, Inc develops software for digital identity verification, fraud prevention and mobile banking. Its technology enables organizations to capture, authenticate and process information from checks, identity documents and other sources through smartphones and digital channels.

The company’s products include Mobile Deposit, which allows consumers to deposit checks remotely, as well as identity-verification and document-authentication solutions designed to support account opening, customer onboarding and ongoing access to digital services.