Mitek Systems Inc. (MITK) Trading Down 4.2%
Mitek Systems Inc. (NASDAQ:MITK)’s share price fell 4.2% during trading on Wednesday . The company traded as low as $7.81 and last traded at $7.95, with a volume of 703,448 shares. The stock had previously closed at $8.30.
A number of brokerages have recently commented on MITK. TheStreet upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, April 29th. Needham & Company LLC upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 price target on the stock in a report on Monday, July 11th. Roth Capital reiterated a “buy” rating and set a $9.75 price target on shares of Mitek Systems in a report on Thursday, June 2nd. Finally, Zacks Investment Research lowered shares of Mitek Systems from a “buy” rating to a “hold” rating in a report on Saturday, April 30th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Mitek Systems has a consensus rating of “Buy” and a consensus target price of $8.63.
The stock has a market capitalization of $248.69 million and a price-to-earnings ratio of 111.88. The firm has a 50-day moving average price of $7.51 and a 200 day moving average price of $6.47.
Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, April 28th. The company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.03. During the same period last year, the company posted $0.05 EPS. The firm had revenue of $8.52 million for the quarter, compared to the consensus estimate of $7.38 million. The business’s revenue was up 49.5% on a year-over-year basis. On average, analysts expect that Mitek Systems Inc. will post $0.23 EPS for the current fiscal year.
In other news, CFO Russell C. Clark sold 109,568 shares of the 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 approximately $2,065,348.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael E. Diamond sold 170,007 shares of the stock in a transaction on Monday, May 2nd. The stock was 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 directly owns 241,892 shares in the company, valued at approximately $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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