Mitek Systems, Inc. (NASDAQ:MITK) Given Average Recommendation of “Buy” by Brokerages

Mitek Systems, Inc. (NASDAQ:MITK) has earned an average rating of “Buy” from the six research firms that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $16.00.

A number of brokerages have recently issued reports on MITK. Roth Capital set a $14.00 target price on shares of Mitek Systems and gave the company a “buy” rating in a report on Friday, July 19th. Zacks Investment Research cut shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 31st. BidaskClub raised shares of Mitek Systems from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. National Securities reissued a “buy” rating and issued a $20.00 price target on shares of Mitek Systems in a report on Thursday, May 2nd. Finally, Benchmark reissued a “buy” rating and issued a $14.00 price target (down from $15.00) on shares of Mitek Systems in a report on Thursday, May 2nd.

In other news, CFO Jeffrey C. Davison sold 13,077 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $9.55, for a total transaction of $124,885.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Stephen Ritter sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $9.93, for a total transaction of $148,950.00. The disclosure for this sale can be found here. 8.20% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its position in Mitek Systems by 13.5% in the 4th quarter. Bank of New York Mellon Corp now owns 118,735 shares of the software maker’s stock valued at $1,284,000 after acquiring an additional 14,097 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Mitek Systems by 35.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 465,110 shares of the software maker’s stock valued at $5,028,000 after purchasing an additional 122,944 shares during the period. Geode Capital Management LLC increased its position in shares of Mitek Systems by 12.7% during the 4th quarter. Geode Capital Management LLC now owns 387,747 shares of the software maker’s stock valued at $4,191,000 after purchasing an additional 43,719 shares during the period. Bank of America Corp DE increased its position in shares of Mitek Systems by 100.6% during the 4th quarter. Bank of America Corp DE now owns 25,016 shares of the software maker’s stock valued at $270,000 after purchasing an additional 12,543 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in shares of Mitek Systems during the 4th quarter valued at $300,000. 59.28% of the stock is currently owned by institutional investors.

Shares of MITK stock traded down $0.01 on Tuesday, reaching $9.54. The stock had a trading volume of 229,500 shares, compared to its average volume of 386,151. The firm’s 50-day moving average is $10.13 and its two-hundred day moving average is $10.72. The firm has a market capitalization of $383.69 million, a price-to-earnings ratio of 73.38, a P/E/G ratio of 4.06 and a beta of -0.25. Mitek Systems has a 12 month low of $6.32 and a 12 month high of $13.07.

Mitek Systems (NASDAQ:MITK) last issued its earnings results on Thursday, July 25th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.02. The company had revenue of $21.91 million for the quarter, compared to analysts’ expectations of $21.74 million. Mitek Systems had a negative net margin of 7.61% and a positive return on equity of 6.33%. Mitek Systems’s quarterly revenue was up 36.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.06 EPS. Research analysts forecast that Mitek Systems will post 0.16 earnings per share for the current year.

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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