Mitek Systems (NASDAQ:MITK) Hits New 52-Week High – Here’s Why

Mitek Systems, Inc. (NASDAQ:MITK)’s share price reached a new 52-week high on Tuesday . The company traded as high as $15.80 and last traded at $15.5030, with a volume of 299471 shares. The stock had previously closed at $14.95.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MITK. Jefferies Financial Group raised shares of Mitek Systems from a “hold” rating to a “buy” rating and upped their target price for the stock from $11.00 to $15.00 in a report on Friday, February 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mitek Systems in a report on Friday, March 27th. Zacks Research lowered shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Wall Street Zen raised shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Finally, Northland Securities set a $17.00 target price on shares of Mitek Systems in a report on Wednesday, April 15th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Mitek Systems presently has an average rating of “Hold” and a consensus price target of $16.00.

Mitek Systems Stock Performance

The company has a market cap of $709.17 million, a PE ratio of 44.71 and a beta of 1.03. The stock’s 50 day moving average price is $13.93 and its 200-day moving average price is $11.20.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $44.24 million during the quarter, compared to analysts’ expectations of $42.44 million. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. On average, analysts anticipate that Mitek Systems, Inc. will post 0.88 EPS for the current year.

Institutional Investors Weigh In On Mitek Systems

Institutional investors and hedge funds have recently modified their holdings of the stock. New York State Teachers Retirement System purchased a new stake in shares of Mitek Systems in the 3rd quarter worth about $39,000. Tower Research Capital LLC TRC lifted 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 purchasing an additional 4,586 shares during the period. State of Alaska Department of Revenue lifted its position 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 worth $85,000 after purchasing an additional 6,082 shares during the period. Russell Investments Group Ltd. lifted its position 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 worth $97,000 after purchasing an additional 9,706 shares during the period. Finally, AXQ Capital LP bought a new position in shares of Mitek Systems in the 4th quarter worth about $117,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

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.