BidaskClub upgraded shares of Mitek Systems (NASDAQ:MITK) from a sell rating to a hold rating in a report released on Friday morning.
Several other research analysts have also recently weighed in on the company. Zacks Investment Research upgraded Mitek Systems from a hold rating to a buy rating and set a $7.25 price target for the company in a research report on Wednesday. National Securities set a $18.00 price target on Mitek Systems and gave the company a buy rating in a research report on Tuesday, August 28th. Benchmark cut Mitek Systems from a buy rating to a hold rating and set a $8.00 price target for the company. in a research report on Tuesday, August 28th. TheStreet cut Mitek Systems from a b rating to a c+ rating in a research report on Friday, July 27th. Finally, ValuEngine cut Mitek Systems from a buy rating to a hold rating in a research report on Saturday, July 28th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $11.08.
Shares of NASDAQ:MITK traded down $0.02 during trading on Friday, hitting $7.75. The stock had a trading volume of 416,121 shares, compared to its average volume of 300,808. Mitek Systems has a 12-month low of $6.32 and a 12-month high of $10.10. The stock has a market cap of $266.47 million, a price-to-earnings ratio of 36.90, a PEG ratio of 15.67 and a beta of 0.21.
Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, July 26th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. Mitek Systems had a return on equity of 4.74% and a net margin of 5.75%. The firm had revenue of $16.10 million during the quarter, compared to analysts’ expectations of $15.33 million. During the same period last year, the business posted $0.08 earnings per share. The company’s revenue for the quarter was up 36.4% compared to the same quarter last year. Research analysts expect that Mitek Systems will post 0.03 EPS for the current fiscal year.
In other Mitek Systems news, Director James C. Hale III acquired 20,000 shares of the company’s stock in a transaction on Friday, August 31st. The shares were bought at an average cost of $7.17 per share, with a total value of $143,400.00. Following the completion of the acquisition, the director now owns 111,135 shares in the company, valued at $796,837.95. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James B. Debello sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $8.54, for a total value of $427,000.00. The disclosure for this sale can be found here. 7.50% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of MITK. BlackRock Inc. grew its holdings in Mitek Systems by 12.9% in the second quarter. BlackRock Inc. now owns 2,190,650 shares of the software maker’s stock valued at $19,497,000 after purchasing an additional 250,585 shares during the period. Intrinsic Edge Capital Management LLC acquired a new stake in Mitek Systems in the second quarter valued at approximately $1,691,000. Dimensional Fund Advisors LP acquired a new stake in Mitek Systems in the first quarter valued at approximately $934,000. Paradigm Capital Management Inc. NY grew its holdings in Mitek Systems by 243.9% in the second quarter. Paradigm Capital Management Inc. NY now owns 141,000 shares of the software maker’s stock valued at $1,255,000 after purchasing an additional 100,000 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in Mitek Systems by 8.0% in the first quarter. Wells Fargo & Company MN now owns 1,299,895 shares of the software maker’s stock valued at $9,619,000 after purchasing an additional 95,772 shares during the period. 45.93% of the stock is currently owned by institutional investors.
Mitek Systems Company Profile
Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions for enterprise customers worldwide. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences and transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile Websites, and desktop applications; Mobile Fill to pre-fill forms with personal data by simply snapping a picture of the consumer's driver license, credit card, or other document; Mobile Docs, a mobile document scanning solution; and MiSnap Multi-Check Capture, a software development kit that banks embed in their business banking app that facilitates capture of various checks in one deposit session.
See Also: Average Daily Trade Volume – ADTV
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