Shares of Mitek Systems Inc. (NASDAQ:MITK) shot up 2.3% during mid-day trading on Friday . The company traded as high as $8.08 and last traded at $8.05, with a volume of 495,179 shares. The stock had previously closed at $7.87.

A number of research firms recently issued reports on MITK. Zacks Investment Research raised shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $6.75 target price for the company in a research report on Tuesday, April 19th. TheStreet raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a research report on Friday, April 29th. Benchmark Co. increased their target price on shares of Mitek Systems from $6.50 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, March 23rd. Roth Capital reissued a “buy” rating and set a $9.75 target price on shares of Mitek Systems in a research report on Thursday, June 2nd. Finally, Needham & Company LLC raised shares of 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. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $8.63.

The stock’s 50 day moving average is $7.59 and its 200 day moving average is $6.37. The stock has a market capitalization of $259.32 million and a P/E ratio of 116.67.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, April 28th. The company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.03. The company earned $8.52 million during the quarter, compared to analyst estimates of $7.38 million. During the same quarter last year, the business earned $0.05 EPS. The company’s revenue for the quarter was up 49.5% compared to the same quarter last year. On average, analysts forecast that Mitek Systems Inc. will post $0.23 EPS for the current fiscal year.

In other Mitek Systems news, 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 completion of the sale, the chief executive officer now directly owns 803,789 shares in the company, valued at approximately $6,518,728.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael E. Diamond sold 170,007 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 241,892 shares of the company’s stock, valued at $1,949,649.52. 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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