Mitek Systems (NASDAQ:MITK – Get Free Report) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.
A number of other analysts have also commented on the company. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Mitek Systems in a report on Friday, August 7th. Finally, Maxim Group set a $26.00 target price on Mitek Systems in a research report on Friday, August 7th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Mitek Systems presently has an average rating of “Hold” and an average price target of $19.33.
Get Our Latest Analysis on Mitek Systems
Mitek Systems Trading Down 0.1%
Mitek Systems (NASDAQ:MITK – Get Free Report) last released its earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.06. The firm had revenue of $54.04 million during the quarter, compared to analysts’ expectations of $50.82 million. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%. As a group, research analysts anticipate that Mitek Systems will post 0.91 EPS for the current fiscal year.
Institutional Investors Weigh In On Mitek Systems
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC bought a new stake in Mitek Systems during the 2nd quarter worth about $42,000. Squarepoint Ops LLC grew its holdings in shares of Mitek Systems by 97.0% in the 2nd quarter. Squarepoint Ops LLC now owns 137,963 shares of the software maker’s stock valued at $2,777,000 after acquiring an additional 67,930 shares in the last quarter. Corient Private Wealth LP acquired a new stake in shares of Mitek Systems in the second quarter valued at about $668,000. Wellington Management Group LLP increased its position in shares of Mitek Systems by 47.0% in the second quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker’s stock valued at $35,834,000 after acquiring an additional 569,379 shares during the last quarter. Finally, Globeflex Capital L P bought a new stake in Mitek Systems during the second quarter worth about $642,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.
Mitek Systems Company Profile
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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