Mitek Systems (NASDAQ:MITK) Shares Down 7.8%

Mitek Systems, Inc. (NASDAQ:MITK) dropped 7.8% during trading on Monday . The company traded as low as $12.92 and last traded at $13.01. Approximately 551,725 shares traded hands during trading, an increase of 23% from the average daily volume of 449,713 shares. The stock had previously closed at $14.11.

MITK has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Mitek Systems from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Wednesday, August 5th. BidaskClub upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research report on Friday, October 23rd. Finally, TheStreet upgraded Mitek Systems from a “c+” rating to a “b-” rating in a research report on Monday, August 24th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $11.00.

The stock has a market capitalization of $547.89 million, a P/E ratio of 94.79, a price-to-earnings-growth ratio of 1.89 and a beta of 0.29. The stock has a 50-day simple moving average of $12.80 and a 200 day simple moving average of $10.62.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, July 30th. The software maker reported $0.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.06. The firm had revenue of $25.41 million for the quarter, compared to analyst estimates of $23.39 million. Mitek Systems had a return on equity of 15.32% and a net margin of 6.37%. As a group, equities analysts forecast that Mitek Systems, Inc. will post 0.34 EPS for the current year.

In other news, insider Jason Gray sold 10,000 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $11.80, for a total value of $118,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William K. Aulet sold 40,000 shares of the stock in a transaction on Friday, September 11th. The shares were sold at an average price of $11.52, for a total value of $460,800.00. Following the completion of the transaction, the director now directly owns 131,693 shares in the company, valued at approximately $1,517,103.36. The disclosure for this sale can be found here. In the last three months, insiders sold 75,376 shares of company stock worth $898,284. 3.60% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. American International Group Inc. lifted its stake in shares of Mitek Systems by 4.0% in the 2nd quarter. American International Group Inc. now owns 24,484 shares of the software maker’s stock valued at $235,000 after purchasing an additional 952 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Mitek Systems by 0.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 447,420 shares of the software maker’s stock worth $4,300,000 after buying an additional 1,957 shares during the period. Parametric Portfolio Associates LLC raised its stake in Mitek Systems by 9.8% during the 1st quarter. Parametric Portfolio Associates LLC now owns 24,889 shares of the software maker’s stock worth $196,000 after buying an additional 2,216 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Mitek Systems by 32.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,089 shares of the software maker’s stock worth $87,000 after buying an additional 2,217 shares during the period. Finally, Royal Bank of Canada raised its stake in Mitek Systems by 0.3% during the 1st quarter. Royal Bank of Canada now owns 1,010,694 shares of the software maker’s stock worth $7,964,000 after buying an additional 2,676 shares during the period. 67.60% of the stock is currently owned by institutional investors.

Mitek Systems Company Profile (NASDAQ:MITK)

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.

See Also: Learning About the VIX – Volatility Index

Receive News & Ratings for Mitek Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mitek Systems and related companies with MarketBeat.com's FREE daily email newsletter.