Mitek Systems, Inc. (NASDAQ:MITK) Short Interest Update
Mitek Systems, Inc. (NASDAQ:MITK) was the recipient of a large drop in short interest in July. As of July 31st, there was short interest totalling 1,086,341 shares, a drop of 25.8% from the July 14th total of 1,463,219 shares. Approximately 3.4% of the shares of the stock are short sold. Based on an average trading volume of 577,411 shares, the short-interest ratio is presently 1.9 days.
Mitek Systems (NASDAQ MITK) opened at 9.60 on Monday. Mitek Systems has a one year low of $5.26 and a one year high of $10.75. The company’s 50 day moving average price is $9.45 and its 200-day moving average price is $7.75. The stock has a market capitalization of $322.42 million, a PE ratio of 162.71 and a beta of 0.68.
Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, July 27th. The software maker reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Mitek Systems had a return on equity of 10.45% and a net margin of 5.19%. The business had revenue of $11.80 million for the quarter, compared to the consensus estimate of $11.48 million. During the same period in the prior year, the business posted $0.07 earnings per share. The company’s quarterly revenue was up 29.7% compared to the same quarter last year. Analysts expect that Mitek Systems will post $0.29 earnings per share for the current year.
Several analysts have weighed in on MITK shares. TheStreet raised Mitek Systems from a “c+” rating to a “b” rating in a report on Friday, April 28th. BidaskClub raised Mitek Systems from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Roth Capital set a $12.00 price target on Mitek Systems and gave the company a “buy” rating in a report on Friday, July 28th. Northland Securities reaffirmed a “buy” rating and issued a $11.00 price target on shares of Mitek Systems in a report on Tuesday, July 25th. Finally, Benchmark Co. raised their price target on Mitek Systems from $10.00 to $12.00 and gave the company a “buy” rating in a report on Monday, July 24th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $10.67.
In other Mitek Systems news, CFO Russell C. Clark sold 39,400 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $8.25, for a total value of $325,050.00. Following the sale, the chief financial officer now owns 88,818 shares of the company’s stock, valued at approximately $732,748.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 8.52% of the company’s stock.
Large investors have recently modified their holdings of the stock. M&T Bank Corp increased its stake in shares of Mitek Systems by 100.0% in the first quarter. M&T Bank Corp now owns 40,000 shares of the software maker’s stock worth $266,000 after buying an additional 20,000 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Mitek Systems during the fourth quarter valued at $335,000. P.A.W. Capital Corp increased its stake in shares of Mitek Systems by 66.7% in the first quarter. P.A.W. Capital Corp now owns 250,000 shares of the software maker’s stock valued at $1,663,000 after buying an additional 100,000 shares during the last quarter. Cadence Capital Management LLC increased its stake in shares of Mitek Systems by 4.4% in the first quarter. Cadence Capital Management LLC now owns 142,475 shares of the software maker’s stock valued at $947,000 after buying an additional 5,994 shares during the last quarter. Finally, Eqis Capital Management Inc. increased its stake in shares of Mitek Systems by 16.5% in the second quarter. Eqis Capital Management Inc. now owns 32,273 shares of the software maker’s stock valued at $271,000 after buying an additional 4,570 shares during the last quarter. Institutional investors and hedge funds own 38.96% of the company’s stock.
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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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