Mitek Systems (NASDAQ:MITK) Stock Breaks Above 200 Day Moving Average – Here’s What Happened

Mitek Systems, Inc. (NASDAQ:MITK) shares passed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $16.83 and traded as high as $16.96. Mitek Systems shares last traded at $16.88, with a volume of 930,499 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Maxim Group set a $26.00 target price on Mitek Systems in a research note on Friday, August 7th. Zacks Research downgraded shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 6th. Wall Street Zen raised shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Mitek Systems in a report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Mitek Systems currently has a consensus rating of “Hold” and a consensus target price of $19.33.

Mitek Systems Stock Performance

The stock has a fifty day simple moving average of $17.80 and a 200-day simple moving average of $16.83. The stock has a market cap of $726.88 million, a P/E ratio of 34.28 and a beta of 0.94. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.74 and a current ratio of 2.74.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.06. The company had revenue of $54.04 million for the quarter, compared to analyst estimates of $50.82 million. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%. On average, equities analysts expect that Mitek Systems, Inc. will post 0.91 earnings per share for the current year.

Institutional Investors Weigh In On Mitek Systems

Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its holdings in Mitek Systems by 47.0% during the second quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker’s stock worth $35,834,000 after buying an additional 569,379 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Mitek Systems during the second quarter worth $5,322,000. Sei Investments Co. bought a new stake in Mitek Systems during the first quarter worth $2,531,000. Pacer Advisors Inc. acquired a new stake in Mitek Systems in the first quarter valued at $2,312,000. Finally, North Star Investment Management Corp. lifted its stake in Mitek Systems by 2,930.4% in the first quarter. North Star Investment Management Corp. now owns 124,095 shares of the software maker’s stock valued at $1,675,000 after acquiring an additional 120,000 shares during the last quarter. Institutional investors own 83.64% of the company’s stock.

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.