Mitek Systems (NASDAQ:MITK) Downgraded by StockNews.com

StockNews.com cut shares of Mitek Systems (NASDAQ:MITKGet Rating) from a strong-buy rating to a buy rating in a research report sent to investors on Monday morning.

Other research analysts also recently issued research reports about the company. Northland Securities lowered their price target on Mitek Systems from $20.00 to $15.00 in a report on Wednesday, May 25th. Maxim Group reiterated a buy rating and set a $28.00 price target on shares of Mitek Systems in a report on Friday, April 29th. HC Wainwright lowered their price target on Mitek Systems from $27.00 to $22.00 in a report on Friday, April 29th. Finally, TheStreet cut Mitek Systems from a b- rating to a c+ rating in a research report on Tuesday, May 3rd. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $21.67.

Shares of NASDAQ MITK opened at $8.87 on Monday. The company has a quick ratio of 2.39, a current ratio of 2.39 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $393.36 million, a price-to-earnings ratio of 38.57 and a beta of 0.63. The stock’s fifty day simple moving average is $10.13 and its 200 day simple moving average is $13.64. Mitek Systems has a 52-week low of $8.32 and a 52-week high of $23.29.

Mitek Systems (NASDAQ:MITKGet Rating) last issued its quarterly earnings results on Thursday, April 28th. The software maker reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.06. Mitek Systems had a return on equity of 17.17% and a net margin of 7.76%. The business had revenue of $34.70 million for the quarter, compared to the consensus estimate of $33.02 million. During the same quarter in the previous year, the company posted $0.11 earnings per share. Mitek Systems’s revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, analysts anticipate that Mitek Systems will post 0.59 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC acquired a new stake in Mitek Systems during the fourth quarter valued at $30,000. Engineers Gate Manager LP acquired a new stake in shares of Mitek Systems in the first quarter worth about $175,000. Tatro Capital LLC lifted its position in shares of Mitek Systems by 13.0% in the fourth quarter. Tatro Capital LLC now owns 12,811 shares of the software maker’s stock worth $227,000 after buying an additional 1,478 shares during the last quarter. MQS Management LLC acquired a new stake in shares of Mitek Systems in the first quarter worth about $192,000. Finally, Wedbush Securities Inc. lifted its position in shares of Mitek Systems by 13.8% in the fourth quarter. Wedbush Securities Inc. now owns 20,675 shares of the software maker’s stock worth $367,000 after buying an additional 2,500 shares during the last quarter. 66.93% of the stock is owned by hedge funds and other institutional investors.

Mitek Systems Company Profile (Get Rating)

Mitek Systems, Inc develops, markets, and sells mobile image capture and digital identity verification solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and web browsers to facilitate digital consumer experiences.

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