Shares of Mitek Systems Inc. (NASDAQ:MITK) rose 2.1% during mid-day trading on Thursday . The company traded as high as $7.69 and last traded at $7.68, with a volume of 201,890 shares. The stock had previously closed at $7.52.

MITK has been the topic of a number of recent research reports. Zacks Investment Research raised Mitek Systems from a “hold” rating to a “buy” rating and set a $7.25 price objective on the stock in a report on Wednesday, April 27th. Needham & Company LLC raised Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 price objective 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 restated a “buy” rating and issued a $9.75 target price on shares of Mitek Systems in a research note on Thursday, June 2nd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Mitek Systems presently has an average rating of “Buy” and an average price target of $8.63.

The firm has a market cap of $250.69 million and a price-to-earnings ratio of 129.83. The firm has a 50-day moving average price of $7.71 and a 200 day moving average price of $7.02.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.03. The company had revenue of $9.10 million for the quarter, compared to the consensus estimate of $8.31 million. The company’s revenue was up 41.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.07 earnings per share. Equities research analysts predict that Mitek Systems Inc. will post $0.25 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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