Mitek Systems Inc. (NASDAQ:MITK) fell 1.7% on Thursday . The stock traded as low as $7.00 and last traded at $7.10, with a volume of 421,112 shares changing hands. The stock had previously closed at $7.22.

Several research firms recently weighed in on MITK. Zacks Investment Research downgraded Mitek Systems from a “buy” rating to a “hold” rating in a report on Saturday, April 30th. Roth Capital reissued a “buy” rating and set a $9.75 price objective on shares of Mitek Systems in a report on Thursday, June 2nd. Benchmark Co. raised their price objective on Mitek Systems from $6.50 to $8.00 and gave the company a “buy” rating in a report on Wednesday, March 23rd. Finally, TheStreet raised Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, April 29th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $8.33.

The company has a 50-day moving average of $7.79 and a 200 day moving average of $6.22. The company has a market cap of $230.97 million and a PE ratio of 103.91.

Mitek Systems (NASDAQ:MITK) last issued its earnings results on Thursday, April 28th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The business had revenue of $8.52 million for the quarter, compared to the consensus estimate of $7.38 million. The company’s revenue was up 49.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.05 EPS. On average, analysts anticipate that Mitek Systems Inc. will post $0.24 earnings per share for the current fiscal year.

In other news, CFO Russell C. Clark sold 109,568 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $8.03, for a total value of $879,831.04. Following the transaction, the chief financial officer now owns 257,204 shares of the company’s stock, valued at $2,065,348.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO James B. Debello sold 59,091 shares of the company’s stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $8.11, for a total transaction of $479,228.01. Following the completion of the transaction, the chief executive officer now directly owns 803,789 shares in the company, valued at approximately $6,518,728.79. The disclosure for this sale can be found here.

Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with camera-equipped smartphones and tablets instead of using the device keyboard.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with's FREE daily email newsletter.