Mitek Systems Inc. (NASDAQ:MITK)’s share price traded down 6.4% on Monday . The company traded as low as $7.02 and last traded at $7.07, with a volume of 690,008 shares. The stock had previously closed at $7.55.

MITK has been the topic of several research analyst reports. Zacks Investment Research cut Mitek Systems from a “buy” rating to a “hold” rating in a research note on Saturday, April 30th. Roth Capital reaffirmed a “buy” rating and set a $9.75 target price on shares of Mitek Systems in a research note on Thursday, June 2nd. TheStreet raised Mitek Systems from a “hold” rating to a “buy” rating in a research note on Monday, July 25th. Finally, Needham & Company LLC raised Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 target price on the stock in a research note on Monday, July 11th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $8.63.

The stock has a market capitalization of $231.37 million and a price-to-earnings ratio of 119.83. The company’s 50 day moving average is $7.51 and its 200 day moving average is $6.66.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.03. The firm had revenue of $9.10 million for the quarter, compared to analyst estimates of $8.31 million. The company’s revenue was up 41.3% compared to the same quarter last year. During the same period last year, the company earned $0.07 EPS. Equities analysts expect that Mitek Systems Inc. will post $0.24 earnings per share for the current year.

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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