Mitek Systems (NASDAQ:MITK) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a strong-buy rating in a research report report published on Tuesday morning,Zacks.com reports.

A number of other analysts also recently weighed in on the stock. Wall Street Zen raised shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Mitek Systems in a research report on Friday, August 7th. Finally, Maxim Group set a $26.00 price objective on shares of Mitek Systems in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $19.33.

Mitek Systems Trading Up 3.9%

NASDAQ MITK opened at $18.88 on Tuesday. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.19. Mitek Systems has a twelve month low of $8.53 and a twelve month high of $21.05. The firm has a market capitalization of $851.87 million, a PE ratio of 40.17 and a beta of 0.98. The stock’s 50 day moving average is $18.12 and its 200 day moving average is $15.56.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.06. The business had revenue of $54.04 million during the quarter, compared to the consensus estimate of $50.82 million. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%. Research analysts forecast that Mitek Systems will post 0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Mitek Systems

Several hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC bought a new position in shares of Mitek Systems during the fourth quarter valued at $1,124,000. Sei Investments Co. bought a new position in Mitek Systems in the 1st quarter worth about $2,531,000. Impax Asset Management Group plc boosted its stake in Mitek Systems by 8.4% in the 4th quarter. Impax Asset Management Group plc now owns 1,295,000 shares of the software maker’s stock worth $13,662,000 after purchasing an additional 100,000 shares in the last quarter. Skylands Capital LLC grew its position in Mitek Systems by 34.3% during the 4th quarter. Skylands Capital LLC now owns 302,616 shares of the software maker’s stock valued at $3,193,000 after purchasing an additional 77,320 shares during the last quarter. Finally, Anson Funds Management LP bought a new stake in Mitek Systems during the 1st quarter valued at about $998,000. 83.64% of the stock is owned by institutional investors.

About Mitek Systems

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.