Mitek Systems, Inc. (NASDAQ:MITK) insider Michael E. Diamond sold 1,383 shares of the company’s stock in a transaction on Friday, November 16th. The shares were sold at an average price of $9.40, for a total value of $13,000.20. Following the sale, the insider now owns 205,612 shares of the company’s stock, valued at approximately $1,932,752.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

MITK traded up $0.08 during midday trading on Tuesday, reaching $9.51. The company had a trading volume of 450,500 shares, compared to its average volume of 320,165. The stock has a market cap of $371.92 million, a price-to-earnings ratio of 73.15, a PEG ratio of 3.39 and a beta of -0.26. Mitek Systems, Inc. has a 1 year low of $6.32 and a 1 year high of $10.00.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, November 1st. The software maker reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The business had revenue of $21.00 million during the quarter, compared to analysts’ expectations of $20.09 million. Mitek Systems had a positive return on equity of 5.75% and a negative net margin of 18.58%. The business’s quarterly revenue was up 62.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.11 earnings per share. Equities research analysts forecast that Mitek Systems, Inc. will post 0.19 EPS for the current year.

MITK has been the subject of a number of research reports. National Securities set a $18.00 price objective on Mitek Systems and gave the company a “buy” rating in a research report on Wednesday, October 24th. Zacks Investment Research upgraded Mitek Systems from a “hold” rating to a “buy” rating and set a $7.25 price objective for the company in a research report on Wednesday, October 10th. ValuEngine upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research report on Thursday, October 18th. BidaskClub upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research report on Saturday, August 11th. Finally, TheStreet cut Mitek Systems from a “b” rating to a “c+” rating in a research report on Friday, July 27th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $12.33.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Teachers Advisors LLC increased its position in Mitek Systems by 13.4% in the third quarter. Teachers Advisors LLC now owns 71,568 shares of the software maker’s stock worth $505,000 after buying an additional 8,455 shares in the last quarter. First Republic Investment Management Inc. increased its position in Mitek Systems by 94.1% in the third quarter. First Republic Investment Management Inc. now owns 41,249 shares of the software maker’s stock worth $291,000 after buying an additional 20,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Mitek Systems in the third quarter worth about $890,000. Dimensional Fund Advisors LP increased its position in Mitek Systems by 171.1% in the third quarter. Dimensional Fund Advisors LP now owns 342,166 shares of the software maker’s stock worth $2,412,000 after buying an additional 215,957 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in Mitek Systems in the third quarter worth about $104,000. Institutional investors and hedge funds own 48.63% of the company’s stock.

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About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions for enterprise customers worldwide. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences and transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile Websites, and desktop applications; Mobile Fill to pre-fill forms with personal data by simply snapping a picture of the consumer's driver license, credit card, or other document; Mobile Docs, a mobile document scanning solution; and MiSnap Multi-Check Capture, a software development kit that banks embed in their business banking app that facilitates capture of various checks in one deposit session.

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