Mitek Systems Inc. (NASDAQ:MITK) shares dropped 2.6% during 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.

MITK has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $6.75 price target for the company in a research report on Tuesday, April 19th. Benchmark Co. boosted their price target on shares of Mitek Systems from $6.50 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, March 23rd. Needham & Company LLC upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a research report on Monday, July 11th. Roth Capital restated a “buy” rating and set a $9.75 price target on shares of Mitek Systems in a research report on Thursday, June 2nd. Finally, TheStreet lowered shares of Mitek Systems from a “buy” rating to a “hold” rating in a research report on Friday, June 24th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $8.63.

The company has a market capitalization of $259.32 million and a P/E ratio of 116.67. The stock has a 50 day moving average price of $7.59 and a 200-day moving average price of $6.37.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data 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 had revenue of $8.52 million for the quarter, compared to the consensus estimate of $7.38 million. During the same quarter last year, the company earned $0.05 EPS. The firm’s revenue for the quarter was up 49.5% on a year-over-year basis. On average, analysts predict that Mitek Systems Inc. will post $0.23 earnings per share for the current fiscal year.

In other Mitek Systems news, insider Michael E. Diamond sold 170,007 shares of the stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $8.06, for a total value of $1,370,256.42. Following the transaction, the insider now directly owns 241,892 shares in the company, valued at $1,949,649.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $479,228.01. Following the completion of the transaction, the chief executive officer now owns 803,789 shares in the company, valued at $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 MarketBeat.com's FREE daily email newsletter.