Mitek Systems (NASDAQ:MITK) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Wednesday.

Separately, Zacks Investment Research cut Mitek Systems from a “hold” rating to a “sell” rating in a research report on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $10.67.

Mitek Systems (MITK) traded up $0.15 during mid-day trading on Wednesday, hitting $8.75. The stock had a trading volume of 151,000 shares, compared to its average volume of 372,061. The firm has a market capitalization of $304.28, a PE ratio of 57.33, a P/E/G ratio of 4.30 and a beta of 0.63. Mitek Systems has a 52 week low of $5.50 and a 52 week high of $10.75.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Tuesday, November 7th. The software maker reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. The company had revenue of $12.90 million during the quarter, compared to analysts’ expectations of $12.35 million. Mitek Systems had a return on equity of 95.96% and a net margin of 99.71%. Mitek Systems’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.07 earnings per share. equities analysts predict that Mitek Systems will post 0.13 EPS for the current year.

In other news, insider Michael E. Diamond sold 4,854 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $8.60, for a total value of $41,744.40. Following the completion of the sale, the insider now directly owns 167,499 shares of the company’s stock, valued at $1,440,491.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James B. Debello sold 33,903 shares of the firm’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $8.56, for a total value of $290,209.68. Following the completion of the sale, the chief executive officer now directly owns 962,229 shares of the company’s stock, valued at $8,236,680.24. The disclosure for this sale can be found here. Insiders have sold 155,942 shares of company stock valued at $1,387,527 over the last three months. Insiders own 8.52% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Prudential Financial Inc. acquired a new stake in shares of Mitek Systems in the third quarter valued at approximately $101,000. Chevy Chase Trust Holdings Inc. acquired a new stake in shares of Mitek Systems in the third quarter valued at approximately $102,000. Burt Wealth Advisors bought a new position in shares of Mitek Systems during the second quarter worth approximately $105,000. LLBH Private Wealth Management LLC bought a new position in shares of Mitek Systems during the second quarter worth approximately $109,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Mitek Systems during the third quarter worth approximately $129,000. 44.92% of the stock is owned by institutional investors.

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Mitek Systems Company Profile

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.

Analyst Recommendations for Mitek Systems (NASDAQ:MITK)

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