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

Several research analysts have recently commented on MITK shares. Zacks Investment Research raised Mitek Systems from a “hold” rating to a “buy” rating and set a $6.75 target price on the stock in a report on Tuesday, April 19th. 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 report on Monday, July 11th. TheStreet raised Mitek Systems from a “hold” rating to a “buy” rating in a report on Monday, July 25th. Finally, Roth Capital reaffirmed a “buy” rating and set a $9.75 price objective on shares of Mitek Systems in a report on Thursday, June 2nd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Mitek Systems currently has a consensus rating of “Buy” and a consensus target price of $8.63.

The company’s 50 day moving average is $7.51 and its 200 day moving average is $6.68. The firm has a market capitalization of $233.34 million and a P/E ratio of 120.85.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, July 28th. The company reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.03. During the same period in the prior year, the business posted $0.07 earnings per share. The business had revenue of $9.10 million for the quarter, compared to the consensus estimate of $8.31 million. The firm’s revenue for the quarter was up 41.3% compared to the same quarter last year. On average, equities analysts forecast 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with's FREE daily email newsletter.