Mitek Systems (MITK) Downgraded by BidaskClub

BidaskClub downgraded shares of Mitek Systems (NASDAQ:MITK) from a sell rating to a strong sell rating in a research report sent to investors on Saturday, BidAskClub reports.

Several other research analysts also recently commented on the company. Benchmark restated a buy rating and issued a $14.00 target price (down previously from $15.00) on shares of Mitek Systems in a research note on Thursday, May 2nd. National Securities restated a buy rating and issued a $20.00 target price on shares of Mitek Systems in a research note on Thursday, May 2nd. Finally, ValuEngine downgraded Mitek Systems from a strong-buy rating to a buy rating in a research note on Monday, February 25th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $15.00.

Shares of NASDAQ MITK opened at $10.19 on Friday. Mitek Systems has a 52 week low of $6.32 and a 52 week high of $13.07. The stock has a market capitalization of $398.64 million, a price-to-earnings ratio of 78.38, a P/E/G ratio of 4.90 and a beta of -0.40.

Mitek Systems (NASDAQ:MITK) last issued its earnings results on Wednesday, May 1st. The software maker reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. Mitek Systems had a positive return on equity of 4.43% and a negative net margin of 11.79%. The business had revenue of $19.98 million during the quarter, compared to the consensus estimate of $19.20 million. During the same quarter last year, the company earned $0.06 EPS. The firm’s revenue was up 39.9% compared to the same quarter last year. On average, equities analysts expect that Mitek Systems will post 0.14 earnings per share for the current year.

In other news, insider Michael E. Diamond sold 38,587 shares of Mitek Systems stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $11.00, for a total transaction of $424,457.00. Following the completion of the sale, the insider now owns 221,477 shares in the company, valued at approximately $2,436,247. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Gray sold 7,145 shares of Mitek Systems stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $11.60, for a total value of $82,882.00. The disclosure for this sale can be found here. Company insiders own 8.20% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of MITK. Meeder Asset Management Inc. bought a new stake in shares of Mitek Systems during the 4th quarter valued at about $34,000. BNP Paribas Arbitrage SA raised its holdings in shares of Mitek Systems by 30,452.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,027 shares of the software maker’s stock valued at $86,000 after buying an additional 7,004 shares in the last quarter. Quantamental Technologies LLC purchased a new position in shares of Mitek Systems during the 1st quarter valued at about $87,000. Harvest Management LLC purchased a new position in shares of Mitek Systems during the 4th quarter valued at about $108,000. Finally, Citigroup Inc. raised its holdings in shares of Mitek Systems by 13.3% during the 1st quarter. Citigroup Inc. now owns 9,182 shares of the software maker’s stock valued at $113,000 after buying an additional 1,075 shares in the last quarter. Hedge funds and other institutional investors own 51.61% of the company’s stock.

About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.

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