Mitek Systems Inc. (NASDAQ:MITK)’s share price was down 3.9% during mid-day trading on Tuesday . The company traded as low as $7.51 and last traded at $7.73, with a volume of 1,511,374 shares traded. The stock had previously closed at $8.04.

A number of equities analysts have issued reports on MITK shares. Zacks Investment Research raised Mitek Systems from a “hold” rating to a “buy” rating and set a $7.25 target price for the company in a report on Tuesday, April 5th. TheStreet cut Mitek Systems from a “buy” rating to a “hold” rating in a report on Friday, June 24th. Roth Capital reissued a “buy” rating on shares of Mitek Systems in a research note on Monday, April 25th. Finally, Needham & Company LLC raised Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a research note on Monday, July 11th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $8.63.

The firm’s 50 day moving average is $7.52 and its 200 day moving average is $6.55. The company has a market capitalization of $246.11 million and a P/E ratio of 110.72.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, April 28th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.03. During the same period in the previous year, the business earned $0.05 EPS. The firm earned $8.52 million during 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. Equities analysts expect that Mitek Systems Inc. will post $0.23 EPS for the current year.

In other news, CFO Russell C. Clark sold 109,568 shares of the firm’s stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $8.03, for a total transaction of $879,831.04. Following the transaction, the chief financial officer now directly owns 257,204 shares of the company’s stock, valued at $2,065,348.12. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael E. Diamond sold 170,007 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 241,892 shares in the company, 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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