Insider Selling: Mitek Systems, Inc. (NASDAQ:MITK) Insider Sells 1,104 Shares of Stock

Mitek Systems, Inc. (NASDAQ:MITK) insider Michael E. Diamond sold 1,104 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $9.30, for a total transaction of $10,267.20. Following the completion of the sale, the insider now directly owns 171,176 shares in the company, valued at $1,591,936.80. This trade represents a 0.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Mitek Systems Stock Performance

NASDAQ MITK traded down $0.09 during mid-day trading on Tuesday, reaching $9.14. 416,266 shares of the stock were exchanged, compared to its average volume of 536,739. The business’s 50 day moving average is $9.00 and its 200-day moving average is $10.02. Mitek Systems, Inc. has a 1 year low of $7.35 and a 1 year high of $16.24. The company has a market capitalization of $422.27 million, a P/E ratio of -60.93 and a beta of 1.12. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. HC Wainwright dropped their price objective on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Jefferies Financial Group downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating and dropped their price objective for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. Maxim Group dropped their price objective on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, StockNews.com raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Mitek Systems has a consensus rating of “Moderate Buy” and a consensus price target of $12.13.

Institutional Trading of Mitek Systems

Hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in Mitek Systems by 8.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock worth $18,531,000 after acquiring an additional 128,282 shares during the period. State Street Corp raised its position in 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 acquiring an additional 47,418 shares during the period. Thompson Siegel & Walmsley LLC raised its position in 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 acquiring an additional 553,379 shares during the period. LSV Asset Management raised its position in Mitek Systems by 0.4% during the second quarter. LSV Asset Management now owns 738,799 shares of the software maker’s stock worth $8,260,000 after acquiring an additional 2,900 shares during the period. Finally, Invenomic Capital Management LP acquired a new position in Mitek Systems during the third quarter worth $4,068,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

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.