Mitek Systems Inc. (NASDAQ:MITK) shares rose 7.5% during trading on Friday . The company traded as high as $7.74 and last traded at $7.71, with a volume of 573,515 shares traded. The stock had previously closed at $7.17.

MITK has been the topic of a number of recent research reports. Roth Capital initiated coverage on shares of Mitek Systems in a research report on Thursday, April 14th. They set a “buy” rating and a $8.00 target price on the stock. Zacks Investment Research raised shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $7.25 target price on the stock in a research report on Tuesday, April 5th. TheStreet raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a research report on Friday, April 29th. Finally, Benchmark Co. lifted their price target on shares of Mitek Systems from $6.50 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, March 23rd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $8.33.

The company has a market capitalization of $249.66 million and a price-to-earnings ratio of 112.32. The stock has a 50 day moving average price of $7.79 and a 200 day moving average price of $6.22.

Mitek Systems (NASDAQ:MITK) last issued its earnings results on Thursday, April 28th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The business earned $8.52 million during the quarter, compared to analyst estimates of $7.38 million. Mitek Systems’s revenue for the quarter was up 49.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 EPS. Equities research analysts expect that Mitek Systems Inc. will post $0.24 EPS for the current year.

In related news, insider Michael E. Diamond sold 170,007 shares of the stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $8.06, for a total value of $1,370,256.42. Following the transaction, the insider now owns 241,892 shares in the company, valued at $1,949,649.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO James B. Debello sold 59,091 shares of the stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $8.11, for a total value of $479,228.01. Following the completion of the transaction, the chief executive officer now 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.

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