Mitek Systems (NASDAQ:MITK) Stock Price Down 3.8% – Should You Sell?

Shares of Mitek Systems, Inc. (NASDAQ:MITK) traded down 3.8% during mid-day trading on Friday . The company traded as low as $17.77 and last traded at $17.82. Approximately 232,774 shares were traded during mid-day trading, a decline of 75% from the average session volume of 919,926 shares. The stock had previously closed at $18.52.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MITK. Maxim Group set a $26.00 price objective on Mitek Systems in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mitek Systems in a report on Friday, August 7th. Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Finally, Zacks Research upgraded shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $19.33.

Mitek Systems Trading Down 0.2%

The firm has a market capitalization of $833.82 million, a price-to-earnings ratio of 39.32 and a beta of 0.98. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.74 and a current ratio of 2.74. The company has a 50-day moving average price of $18.17 and a 200-day moving average price of $15.62.

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

Institutional Investors Weigh In On Mitek Systems

Several large investors have recently modified their holdings of the company. Mak Capital One LLC acquired a new stake in shares of Mitek Systems during the fourth quarter worth $6,690,000. Wellington Management Group LLP raised its position in Mitek Systems by 47.0% during the 2nd quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker’s stock worth $35,834,000 after buying an additional 569,379 shares during the last quarter. Topline Capital Management LLC acquired a new stake in shares of Mitek Systems in the 2nd quarter worth $5,235,000. Congruence Capital LLC purchased a new stake in shares of Mitek Systems in the fourth quarter valued at about $4,106,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Mitek Systems in the second quarter valued at about $5,322,000. 83.64% of the stock is owned by institutional investors and hedge funds.

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.