Mitek Systems, Inc. (MITK) Downgraded to “Hold” at BidaskClub
BidaskClub downgraded shares of Mitek Systems, Inc. (NASDAQ:MITK) from a buy rating to a hold rating in a research report sent to investors on Friday.
Other analysts also recently issued research reports about the stock. TheStreet upgraded shares of Mitek Systems from a c+ rating to a b rating in a report on Friday, April 28th. Roth Capital set a $12.00 target price on shares of Mitek Systems and gave the company a buy rating in a report on Friday, July 28th. Northland Securities restated a buy rating and issued a $11.00 price target on shares of Mitek Systems in a research note on Tuesday, July 25th. Benchmark Co. boosted their price target on shares of Mitek Systems from $10.00 to $12.00 and gave the stock a buy rating in a research note on Monday, July 24th. Finally, ValuEngine upgraded shares of Mitek Systems from a sell rating to a hold rating in a research note on Saturday, June 3rd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Mitek Systems has an average rating of Buy and a consensus price target of $10.67.
Mitek Systems (NASDAQ MITK) traded down 0.50% during mid-day trading on Friday, reaching $10.00. The company’s stock had a trading volume of 240,607 shares. The firm has a market capitalization of $334.97 million, a price-to-earnings ratio of 169.49 and a beta of 0.68. Mitek Systems has a 52 week low of $5.26 and a 52 week high of $10.75. The company’s 50-day moving average price is $9.17 and its 200 day moving average price is $7.59.
Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, July 27th. The software maker reported $0.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.02. Mitek Systems had a net margin of 5.19% and a return on equity of 10.80%. The firm had revenue of $11.80 million during the quarter, compared to the consensus estimate of $11.48 million. During the same quarter last year, the firm earned $0.07 EPS. The firm’s revenue for the quarter was up 29.7% on a year-over-year basis. On average, equities analysts forecast that Mitek Systems will post $0.29 earnings per share for the current fiscal year.
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In other Mitek Systems news, CFO Russell C. Clark sold 39,400 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $8.25, for a total value of $325,050.00. Following the completion of the transaction, the chief financial officer now owns 88,818 shares in the company, valued at $732,748.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 8.52% of the company’s stock.
Several institutional investors have recently bought and sold shares of MITK. LLBH Private Wealth Management LLC acquired a new position in Mitek Systems during the second quarter valued at approximately $109,000. American International Group Inc. increased its position in Mitek Systems by 7.1% in the first quarter. American International Group Inc. now owns 18,128 shares of the software maker’s stock valued at $121,000 after buying an additional 1,197 shares during the period. Malaga Cove Capital LLC increased its position in Mitek Systems by 3.4% in the first quarter. Malaga Cove Capital LLC now owns 19,575 shares of the software maker’s stock valued at $126,000 after buying an additional 650 shares during the period. Hilton Capital Management LLC acquired a new position in Mitek Systems during the first quarter valued at approximately $133,000. Finally, Bank of America Corp DE increased its position in Mitek Systems by 2.1% in the first quarter. Bank of America Corp DE now owns 23,382 shares of the software maker’s stock valued at $156,000 after buying an additional 490 shares during the period. Institutional investors and hedge funds own 38.40% of the company’s stock.
About Mitek Systems
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 their camera-equipped smartphones and tablets instead of using the device keyboard.
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