Mitek Systems (NASDAQ:MITK) Sets New 1-Year High – Here’s Why

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $13.90 and last traded at $13.43, with a volume of 856959 shares changing hands. The stock had previously closed at $13.55.

Analysts Set New Price Targets

MITK has been the subject of a number of recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Mitek Systems in a report on Monday, December 29th. Wall Street Zen raised Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 7th. Finally, Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and raised their target price for the company from $11.00 to $15.00 in a report on Friday, February 13th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $15.00.

Mitek Systems Stock Down 0.9%

The firm has a market capitalization of $608.65 million, a price-to-earnings ratio of 38.37 and a beta of 1.07. The business has a 50-day moving average of $10.65 and a two-hundred day moving average of $9.93.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. Mitek Systems had a return on equity of 16.86% and a net margin of 8.67%.The firm had revenue of $44.24 million during the quarter, compared to analysts’ expectations of $42.44 million. Equities analysts predict that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp boosted its position in shares of Mitek Systems by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 111,264 shares of the software maker’s stock valued at $1,170,000 after acquiring an additional 23,355 shares in the last quarter. XTX Topco Ltd lifted its stake in Mitek Systems by 139.1% during the fourth quarter. XTX Topco Ltd now owns 45,853 shares of the software maker’s stock worth $484,000 after purchasing an additional 26,674 shares during the period. Millennium Management LLC boosted its holdings in Mitek Systems by 61.1% during the fourth quarter. Millennium Management LLC now owns 38,707 shares of the software maker’s stock valued at $408,000 after purchasing an additional 14,679 shares in the last quarter. Inspire Investing LLC boosted its holdings in Mitek Systems by 16.1% during the fourth quarter. Inspire Investing LLC now owns 119,427 shares of the software maker’s stock valued at $1,260,000 after purchasing an additional 16,546 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Mitek Systems by 5.1% in the 4th quarter. AQR Capital Management LLC now owns 228,699 shares of the software maker’s stock valued at $2,413,000 after purchasing an additional 11,031 shares during the period. 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.