Mitek Systems (NASDAQ:MITK) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group cut Mitek Systems from a “buy” rating to a “hold” rating and cut their price target for the company from $17.00 to $9.50 in a research note on Wednesday, September 4th. Craig Hallum dropped their price target on Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, August 9th. HC Wainwright reduced their price objective on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, Maxim Group dropped their target price on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Mitek Systems has a consensus rating of “Moderate Buy” and a consensus target price of $12.13.

Mitek Systems Price Performance

Shares of Mitek Systems stock opened at $9.10 on Tuesday. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $420.42 million, a price-to-earnings ratio of -60.67 and a beta of 1.07. Mitek Systems has a twelve month low of $7.35 and a twelve month high of $16.24. The company has a 50-day simple moving average of $8.82 and a two-hundred day simple moving average of $10.43.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MITK. Vanguard Group Inc. grew its holdings in shares of Mitek Systems by 4.1% during the 1st 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 during the last quarter. Dimensional Fund Advisors LP boosted its position in Mitek Systems by 8.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock valued at $18,531,000 after buying an additional 128,282 shares in the last quarter. State Street Corp grew its stake in shares of Mitek Systems by 3.8% during the third quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock worth $11,326,000 after buying an additional 47,418 shares during the last quarter. Thompson Siegel & Walmsley LLC increased its holdings in shares of Mitek Systems by 259.9% during the second quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock worth $8,567,000 after buying an additional 553,379 shares in the last quarter. Finally, LSV Asset Management lifted its stake in shares of Mitek Systems by 0.4% in the 2nd quarter. LSV Asset Management now owns 738,799 shares of the software maker’s stock valued at $8,260,000 after acquiring an additional 2,900 shares during the last quarter. Institutional investors and hedge funds own 83.64% of the company’s stock.

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.