Mitek Systems (NASDAQ:MITK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a strong-buy rating in a report published on Saturday.

Mitek Systems Stock Up 2.3%

Shares of Mitek Systems stock opened at $9.68 on Friday. The company has a market cap of $437.92 million, a PE ratio of 34.57 and a beta of 1.15. The business has a 50 day moving average of $9.14 and a 200 day moving average of $9.46. Mitek Systems has a 52 week low of $6.93 and a 52 week high of $13.72.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, May 8th. The software maker reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.10. Mitek Systems had a net margin of 7.51% and a return on equity of 18.85%. The company had revenue of $51.93 million during the quarter, compared to the consensus estimate of $47.21 million. Mitek Systems’s revenue was up 10.4% on a year-over-year basis. On average, research analysts anticipate that Mitek Systems will post 0.59 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Michael E. Diamond sold 70,352 shares of the firm’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $9.77, for a total transaction of $687,339.04. Following the completion of the transaction, the insider now owns 233,340 shares of the company’s stock, valued at $2,279,731.80. This trade represents a 23.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mitek Systems

Several institutional investors and hedge funds have recently modified their holdings of the stock. Invesco Ltd. increased its stake in Mitek Systems by 534.4% during the 4th quarter. Invesco Ltd. now owns 1,722,099 shares of the software maker’s stock valued at $19,167,000 after purchasing an additional 1,450,652 shares in the last quarter. Marshall Wace LLP increased its position in shares of Mitek Systems by 2,115.7% during the fourth quarter. Marshall Wace LLP now owns 859,123 shares of the software maker’s stock valued at $9,562,000 after acquiring an additional 820,349 shares in the last quarter. Impax Asset Management Group plc bought a new stake in shares of Mitek Systems during the fourth quarter valued at approximately $5,565,000. Phoenix Financial Ltd. bought a new stake in shares of Mitek Systems in the 4th quarter worth $4,733,000. Finally, Pacer Advisors Inc. bought a new stake in shares of Mitek Systems in the 1st quarter worth $2,694,000. 83.64% of the stock is currently owned by institutional investors.

Mitek Systems Company Profile

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.