Mitek Systems (NASDAQ:MITK) Rating Increased to Hold at BidaskClub

BidaskClub upgraded shares of Mitek Systems (NASDAQ:MITK) from a sell rating to a hold rating in a report released on Thursday, BidAskClub reports.

Other research analysts have also issued reports about the stock. National Securities reaffirmed a neutral rating and issued a $11.00 price target on shares of Horizon Technology Finance in a report on Thursday, May 2nd. Zacks Investment Research upgraded shares of HB Fuller from a sell rating to a hold rating in a research report on Wednesday, July 3rd. Finally, Benchmark restated a buy rating and set a $120.00 price target (up from $110.00) on shares of SPS Commerce in a research report on Thursday, May 2nd. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Mitek Systems currently has an average rating of Buy and an average target price of $15.00.

Shares of MITK stock opened at $10.73 on Thursday. The firm has a market cap of $415.63 million, a price-to-earnings ratio of 82.54, a P/E/G ratio of 4.88 and a beta of -0.22. Mitek Systems has a 1-year low of $6.32 and a 1-year high of $13.07. The business’s fifty day moving average is $9.85.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Wednesday, May 1st. The software maker reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The company had revenue of $19.98 million during the quarter, compared to analyst estimates of $19.20 million. Mitek Systems had a negative net margin of 11.79% and a positive return on equity of 4.43%. The firm’s revenue for the quarter was up 39.9% compared to the same quarter last year. During the same period last year, the business earned $0.06 EPS. Sell-side analysts anticipate that Mitek Systems will post 0.15 EPS for the current year.

In other news, CFO Jeffrey C. Davison sold 13,077 shares of Mitek Systems stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $9.55, for a total value of $124,885.35. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jason Gray sold 7,145 shares of Mitek Systems stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $11.60, for a total transaction of $82,882.00. The disclosure for this sale can be found here. Insiders sold a total of 58,809 shares of company stock worth $632,224 in the last ninety days. Corporate insiders own 8.20% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA raised its stake in Mitek Systems by 30,452.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,027 shares of the software maker’s stock valued at $86,000 after purchasing an additional 7,004 shares during the last quarter. Harvest Management LLC increased its holdings in Mitek Systems by 480.0% in the 1st quarter. Harvest Management LLC now owns 58,000 shares of the software maker’s stock valued at $710,000 after buying an additional 48,000 shares during the period. Wedbush Securities Inc. bought a new stake in shares of Mitek Systems in the 1st quarter worth about $122,000. Geode Capital Management LLC grew its holdings in shares of Mitek Systems by 12.7% in the 4th quarter. Geode Capital Management LLC now owns 387,747 shares of the software maker’s stock worth $4,191,000 after purchasing an additional 43,719 shares during the last quarter. Finally, Independent Advisor Alliance grew its holdings in shares of Mitek Systems by 1.6% in the 1st quarter. Independent Advisor Alliance now owns 634,420 shares of the software maker’s stock worth $7,765,000 after purchasing an additional 10,075 shares during the last quarter. 57.51% of the stock is currently owned by institutional investors and hedge funds.

About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.

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