Mitek Systems Inc. (NASDAQ:MITK)’s share price shot up 3.8% during mid-day trading on Tuesday . The stock traded as high as $7.38 and last traded at $7.34, with a volume of 394,328 shares traded. The stock had previously closed at $7.07.

Several research firms have recently issued reports on MITK. TheStreet raised Mitek Systems from a “hold” rating to a “buy” rating in a research report on Monday, July 25th. Zacks Investment Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 26th. 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 report on Monday, July 11th. Finally, Roth Capital reaffirmed a “buy” rating and issued a $9.75 price target on shares of Mitek Systems in a research report on Thursday, June 2nd. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $8.63.

The firm has a market capitalization of $235.30 million and a P/E ratio of 121.86. The company has a 50 day moving average of $7.51 and a 200-day moving average of $6.66.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.03. During the same period last year, the company earned $0.07 EPS. The business earned $9.10 million during the quarter, compared to the consensus estimate of $8.31 million. The business’s revenue was up 41.3% compared to the same quarter last year. Analysts predict that Mitek Systems Inc. will post $0.24 earnings per share for the current fiscal 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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