Mitek Systems Inc. (MITK) Stock Price Up 2.6%
Mitek Systems Inc. (NASDAQ:MITK) shares rose 2.6% during trading on Monday . The stock traded as high as $8.15 and last traded at $8.04, with a volume of 374,334 shares changing hands. The stock had previously closed at $7.84.
MITK has been the subject of several research reports. Roth Capital initiated coverage on shares of Mitek Systems in a report on Thursday, April 14th. They set a “buy” rating and a $8.00 price objective for the company. Zacks Investment Research raised shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $7.25 price objective for the company in a report on Tuesday, April 5th. TheStreet raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, April 29th. Finally, Needham & Company LLC raised shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a report on Monday, July 11th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $8.63.
The company’s 50-day moving average is $7.52 and its 200-day moving average is $6.57. The company has a market capitalization of $248.37 million and a price-to-earnings ratio of 111.74.
Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, April 28th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The business had revenue of $8.52 million for the quarter, compared to analyst estimates of $7.38 million. The company’s revenue for the quarter was up 49.5% on a year-over-year basis. On average, analysts forecast that Mitek Systems Inc. will post $0.23 earnings per share for the current fiscal year.
In related news, CFO Russell C. Clark sold 109,568 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 257,204 shares in the company, valued at $2,065,348.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James B. Debello sold 59,091 shares of the business’s stock in a transaction on Monday, May 2nd. The shares were 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 $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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