Mitek Systems (NASDAQ:MITK) Sets New 1-Year High – Here’s What Happened

Mitek Systems, Inc. (NASDAQ:MITK) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $14.65 and last traded at $14.42, with a volume of 1827007 shares trading hands. The stock had previously closed at $12.88.

Wall Street Analysts Forecast Growth

MITK has been the topic of a number of research analyst reports. Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Mitek Systems in a research note on Monday, December 29th. Finally, Jefferies Financial Group upgraded Mitek Systems from a “hold” rating to a “buy” rating and lifted their price target for the stock from $11.00 to $15.00 in a report on Friday, February 13th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $15.00.

Mitek Systems Price Performance

The company has a market cap of $660.77 million, a P/E ratio of 41.66 and a beta of 1.07. The stock has a 50-day moving average of $11.07 and a 200 day moving average of $10.10.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $44.24 million for the quarter, compared to analyst estimates of $42.44 million. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. Sell-side analysts predict that Mitek Systems, Inc. will post 0.59 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MITK. New York State Teachers Retirement System acquired a new position in Mitek Systems in the third quarter valued at $39,000. Tower Research Capital LLC TRC raised its position in shares of Mitek Systems by 320.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock worth $60,000 after acquiring an additional 4,586 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in shares of Mitek Systems by 305.2% in the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock valued at $85,000 after purchasing an additional 6,082 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Mitek Systems by 4,147.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after purchasing an additional 9,706 shares during the period. Finally, AXQ Capital LP bought a new stake in shares of Mitek Systems during the 4th quarter valued at about $117,000. Institutional investors own 83.64% of the company’s stock.

Mitek Systems Company Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.