Mitek Systems (NASDAQ:MITK) PT Lowered to $11.00

Mitek Systems (NASDAQ:MITK) had its price objective lowered by equities researchers at HC Wainwright from $19.00 to $11.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. HC Wainwright’s price target would suggest a potential upside of 29.87% from the stock’s current price.

A number of other research firms also recently commented on MITK. Craig Hallum dropped their price objective on Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a report on Friday. StockNews.com raised Mitek Systems from a “hold” rating to a “buy” rating in a research note on Friday, July 12th. Finally, Maxim Group reduced their price objective on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday.

Mitek Systems Trading Up 0.6 %

Shares of NASDAQ MITK traded up $0.05 during mid-day trading on Monday, hitting $8.47. The company’s stock had a trading volume of 937,934 shares, compared to its average volume of 541,553. Mitek Systems has a one year low of $7.35 and a one year high of $16.24. The company’s fifty day simple moving average is $11.71 and its 200-day simple moving average is $12.41. The company has a debt-to-equity ratio of 0.65, a current ratio of 4.27 and a quick ratio of 4.27. The stock has a market cap of $396.32 million, a price-to-earnings ratio of -52.31 and a beta of 1.09.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, August 8th. The software maker reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The business had revenue of $45.00 million during the quarter, compared to the consensus estimate of $47.99 million. Mitek Systems had a negative net margin of 4.49% and a positive return on equity of 11.71%. Mitek Systems’s revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.16 earnings per share. On average, sell-side analysts anticipate that Mitek Systems will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Mitek Systems

In other news, Director Donna Wells sold 16,839 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $12.46, for a total transaction of $209,813.94. Following the sale, the director now owns 38,552 shares of the company’s stock, valued at $480,357.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Donna Wells sold 16,839 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $12.46, for a total transaction of $209,813.94. Following the completion of the sale, the director now owns 38,552 shares of the company’s stock, valued at $480,357.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Christopher H. Briggs sold 24,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $11.10, for a total transaction of $266,400.00. Following the sale, the senior vice president now owns 68,673 shares in the company, valued at $762,270.30. The disclosure for this sale can be found here. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Tyro Capital Management LLC acquired a new position in Mitek Systems during the 4th quarter worth approximately $9,240,000. LSV Asset Management boosted its holdings in Mitek Systems by 852.1% during the first quarter. LSV Asset Management now owns 735,899 shares of the software maker’s stock worth $10,376,000 after purchasing an additional 658,603 shares during the last quarter. Vanguard Group Inc. grew its position in Mitek Systems by 4.1% in the first quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock valued at $49,599,000 after purchasing an additional 138,438 shares in the last quarter. Tocqueville Asset Management L.P. grew its position in Mitek Systems by 32.8% in the first quarter. Tocqueville Asset Management L.P. now owns 526,300 shares of the software maker’s stock valued at $7,421,000 after purchasing an additional 130,000 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Mitek Systems by 78.3% in the 1st quarter. Principal Financial Group Inc. now owns 39,470 shares of the software maker’s stock valued at $557,000 after buying an additional 17,337 shares during the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Company Profile

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.