Mitek Systems (MITK) Lifted to Buy at BidaskClub

BidaskClub upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a research report released on Tuesday morning.

Several other brokerages have also recently weighed in on MITK. Zacks Investment Research cut Mitek Systems from a buy rating to a hold rating in a report on Saturday. National Securities set a $18.00 price objective on Mitek Systems and gave the stock a buy rating in a report on Friday, November 2nd. ValuEngine raised Mitek Systems from a hold rating to a buy rating in a report on Thursday, October 18th. Benchmark cut Mitek Systems from a buy rating to a hold rating and set a $8.00 price objective for the company. in a report on Tuesday, August 28th. Finally, TheStreet cut Mitek Systems from a b rating to a c+ rating in a report on Friday, July 27th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Mitek Systems currently has an average rating of Buy and an average price target of $12.33.

Shares of NASDAQ:MITK opened at $9.50 on Tuesday. The stock has a market cap of $363.61 million, a price-to-earnings ratio of 73.08, a PEG ratio of 3.56 and a beta of -0.26. Mitek Systems has a 1-year low of $6.32 and a 1-year high of $10.10.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, November 1st. The software maker reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.05. The firm had revenue of $21.00 million during the quarter, compared to analysts’ expectations of $20.09 million. Mitek Systems had a positive return on equity of 5.75% and a negative net margin of 18.58%. The company’s quarterly revenue was up 62.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.11 EPS. On average, equities analysts anticipate that Mitek Systems will post 0.18 earnings per share for the current fiscal year.

In related news, Director James C. Hale III purchased 20,000 shares of the stock in a transaction dated Friday, August 31st. The stock was bought at an average cost of $7.17 per share, with a total value of $143,400.00. Following the purchase, the director now directly owns 111,135 shares in the company, valued at approximately $796,837.95. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James B. Debello sold 50,000 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $8.54, for a total value of $427,000.00. The disclosure for this sale can be found here. Corporate insiders own 7.50% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Unterberg Capital LLC increased its stake in shares of Mitek Systems by 2.4% in the 3rd quarter. Unterberg Capital LLC now owns 650,000 shares of the software maker’s stock valued at $4,583,000 after acquiring an additional 15,000 shares during the last quarter. P.A.W. Capital Corp increased its stake in shares of Mitek Systems by 8.2% in the 3rd quarter. P.A.W. Capital Corp now owns 460,000 shares of the software maker’s stock valued at $3,243,000 after acquiring an additional 35,000 shares during the last quarter. Essex Investment Management Co. LLC increased its stake in shares of Mitek Systems by 17.4% in the 3rd quarter. Essex Investment Management Co. LLC now owns 406,784 shares of the software maker’s stock valued at $2,868,000 after acquiring an additional 60,230 shares during the last quarter. Gradient Investments LLC increased its stake in shares of Mitek Systems by 35.4% in the 3rd quarter. Gradient Investments LLC now owns 127,757 shares of the software maker’s stock valued at $901,000 after acquiring an additional 33,399 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Mitek Systems by 8.7% in the 2nd quarter. Northern Trust Corp now owns 388,248 shares of the software maker’s stock valued at $3,455,000 after purchasing an additional 31,002 shares during the period. 45.93% of the stock is owned by institutional investors.

Mitek Systems Company Profile

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions for enterprise customers worldwide. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences and transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile Websites, and desktop applications; Mobile Fill to pre-fill forms with personal data by simply snapping a picture of the consumer's driver license, credit card, or other document; Mobile Docs, a mobile document scanning solution; and MiSnap Multi-Check Capture, a software development kit that banks embed in their business banking app that facilitates capture of various checks in one deposit session.

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