Mitek Systems (NASDAQ:MITK) Downgraded by Zacks Research to “Hold”

Zacks Research lowered shares of Mitek Systems (NASDAQ:MITK – Free Report) from a strong-buy rating to a hold rating in a research note released on Tuesday,Zacks reports.

MITK has been the topic of several other reports. Maxim Group set a $26.00 price target on shares of Mitek Systems in a report on Friday, August 7th. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mitek Systems in a research report on Friday, August 7th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $19.33.

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Mitek Systems Trading Down 0.1%

MITK stock opened at $17.46 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.74 and a quick ratio of 2.74. The company has a fifty day moving average price of $17.87 and a two-hundred day moving average price of $16.71. Mitek Systems has a one year low of $8.53 and a one year high of $21.05. The stock has a market cap of $787.80 million, a price-to-earnings ratio of 37.15 and a beta of 0.94.

Mitek Systems (NASDAQ:MITK – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The software maker reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.06. The company had revenue of $54.04 million for the quarter, compared to analyst estimates of $50.82 million. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. Equities analysts anticipate that Mitek Systems will post 0.91 EPS for the current year.

Institutional Trading of Mitek Systems

A number of institutional investors have recently bought and sold shares of MITK. Integrated Wealth Concepts LLC bought a new position in shares of Mitek Systems during the second quarter worth approximately $42,000. SummitTX Capital L.P. acquired a new stake in shares of Mitek Systems in the first quarter valued at approximately $140,000. Abel Hall LLC bought a new stake in shares of Mitek Systems in the first quarter valued at approximately $176,000. Bank of Nova Scotia bought a new stake in shares of Mitek Systems in the first quarter valued at approximately $299,000. Finally, Delphi Management Inc. MA acquired a new stake in Mitek Systems during the first quarter worth approximately $366,000. Institutional investors own 83.64% of the company’s stock.

About Mitek Systems

(Get Free Report)

Mitek Systems, Inc develops software for digital identity verification, fraud prevention and mobile banking. Its technology enables organizations to capture, authenticate and process information from checks, identity documents and other sources through smartphones and digital channels.

The company’s products include Mobile Deposit, which allows consumers to deposit checks remotely, as well as identity-verification and document-authentication solutions designed to support account opening, customer onboarding and ongoing access to digital services.

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