Brokerages Set Mitek Systems Inc. (MITK) Target Price at $9.08
Mitek Systems Inc. (NASDAQ:MITK) has been given an average recommendation of “Buy” by the seven brokerages that are presently covering the company. Two equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $9.08.
MITK has been the topic of several analyst reports. Zacks Investment Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 26th. TheStreet downgraded Mitek Systems from a “buy” rating to a “hold” rating in a report on Friday, June 24th. Finally, Needham & Company LLC upgraded Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a report on Monday, July 11th.
Shares of Mitek Systems (NASDAQ:MITK) opened at 7.24 on Friday. The company has a 50-day moving average price of $8.01 and a 200 day moving average price of $7.64. Mitek Systems has a 12-month low of $3.10 and a 12-month high of $9.49. The firm has a market capitalization of $236.94 million, a price-to-earnings ratio of 122.71 and a beta of 2.23.
Mitek Systems (NASDAQ:MITK) last released its earnings results on Thursday, July 28th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.03. Mitek Systems had a return on equity of 14.96% and a net margin of 5.94%. The firm had revenue of $9.10 million for the quarter, compared to analyst estimates of $8.31 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. The company’s quarterly revenue was up 41.3% on a year-over-year basis. Equities research analysts expect that Mitek Systems will post $0.25 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Algert Global LLC increased its position in Mitek Systems by 92.7% in the third quarter. Algert Global LLC now owns 187,171 shares of the company’s stock worth $1,552,000 after buying an additional 90,044 shares during the last quarter. Schwab Charles Investment Management Inc. purchased a new position in Mitek Systems during the second quarter worth about $329,000. Metropolitan Life Insurance Co. NY purchased a new position in Mitek Systems during the second quarter worth about $162,000. Numeric Investors LLC purchased a new position in Mitek Systems during the second quarter worth about $4,271,000. Finally, Highbridge Capital Management LLC purchased a new position in Mitek Systems during the second quarter worth about $142,000. Institutional investors and hedge funds own 45.36% of the company’s stock.
Mitek Systems Company Profile
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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