Mitek Systems Inc. (MITK) Trading 2.3% Higher
Mitek Systems Inc. (NASDAQ:MITK) shares traded up 2.3% during mid-day trading on Friday . The stock traded as high as $8.08 and last traded at $8.05, with a volume of 495,179 shares. The stock had previously closed at $7.87.
Several research analysts have recently issued reports on the company. Zacks Investment Research upgraded Mitek Systems from a “hold” rating to a “buy” rating and set a $6.75 price target on the stock in a research report on Tuesday, April 19th. TheStreet upgraded Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, April 29th. Benchmark Co. lifted their target price on Mitek Systems from $6.50 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, March 23rd. Roth Capital reiterated a “buy” rating and set a $9.75 target price on shares of Mitek Systems in a report on Thursday, June 2nd. Finally, Needham & Company LLC upgraded Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 target price on the stock in a report on Monday, July 11th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $8.63.
The stock has a market cap of $259.32 million and a P/E ratio of 116.67. The company’s 50 day moving average price is $7.59 and its 200 day moving average price is $6.37.
Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, April 28th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.03. The company had revenue of $8.52 million for the quarter, compared to analyst estimates of $7.38 million. During the same quarter last year, the company posted $0.05 earnings per share. The firm’s quarterly revenue was up 49.5% on a year-over-year basis. Equities research analysts anticipate that Mitek Systems Inc. will post $0.23 EPS for the current year.
In other Mitek Systems news, insider Michael E. Diamond sold 170,007 shares of the stock in a transaction dated 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 sale, the insider now directly owns 241,892 shares in the company, valued at approximately $1,949,649.52. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO James B. Debello sold 59,091 shares of the stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $8.11, for a total value of $479,228.01. Following the sale, 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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