Mitek Systems Inc. (NASDAQ:MITK) was down 2.6% during mid-day trading on Thursday . The company traded as low as $7.80 and last traded at $7.91, with a volume of 319,812 shares changing hands. The stock had previously closed at $8.12.

Several equities research analysts have recently weighed in on the company. TheStreet downgraded Mitek Systems from a “buy” rating to a “hold” rating in a research report on Friday, June 24th. Zacks Investment Research downgraded Mitek Systems from a “buy” rating to a “hold” rating in a research report on Saturday, April 16th. Roth Capital assumed coverage on Mitek Systems in a research report on Thursday, April 14th. They issued a “buy” rating and a $8.00 target price for the company. Needham & Company LLC raised Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 target price for the company in a research report on Monday. Finally, Benchmark Co. upped their target price on Mitek Systems from $6.50 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, March 23rd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Mitek Systems presently has an average rating of “Buy” and an average target price of $8.63.

The company has a 50-day moving average of $7.62 and a 200-day moving average of $6.34. The firm has a market cap of $253.52 million and a price-to-earnings ratio of 114.06.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, April 28th. The company reported $0.07 EPS for the quarter, topping 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 firm’s revenue for the quarter was up 49.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.05 EPS. On average, equities analysts forecast that Mitek Systems Inc. will post $0.24 EPS for the current year.

In other Mitek Systems news, insider Michael E. Diamond sold 170,007 shares of the firm’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $8.06, for a total transaction of $1,370,256.42. Following the completion of the transaction, the insider now owns 241,892 shares in the company, valued at $1,949,649.52. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James B. Debello sold 59,091 shares of the firm’s stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $8.11, for a total transaction of $479,228.01. Following the transaction, the chief executive officer now owns 803,789 shares of the company’s stock, 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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