Mitek Systems (NASDAQ:MITK) Sees Unusually-High Trading Volume After Analyst Upgrade

Mitek Systems, Inc. (NASDAQ:MITK) shares saw an uptick in trading volume on Wednesday after Craig Hallum raised their price target on the stock from $17.00 to $19.00. Craig Hallum currently has a buy rating on the stock. 259,181 shares traded hands during trading, a decline of 43% from the previous session’s volume of 452,101 shares.The stock last traded at $13.11 and had previously closed at $13.39.

A number of other equities analysts also recently commented on MITK. StockNews.com downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. HC Wainwright reaffirmed a “buy” rating and set a $19.00 target price on shares of Mitek Systems in a research note on Tuesday.

Institutional Investors Weigh In On Mitek Systems

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC raised its stake in shares of Mitek Systems by 88.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the software maker’s stock valued at $29,000 after acquiring an additional 1,475 shares during the period. Point72 Middle East FZE acquired a new position in shares of Mitek Systems in the fourth quarter valued at approximately $40,000. Quarry LP grew its holdings in shares of Mitek Systems by 536.0% in the first quarter. Quarry LP now owns 4,738 shares of the software maker’s stock valued at $45,000 after purchasing an additional 3,993 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Mitek Systems by 66.4% in the third quarter. Royal Bank of Canada now owns 4,954 shares of the software maker’s stock valued at $46,000 after purchasing an additional 1,977 shares in the last quarter. Finally, Covestor Ltd grew its holdings in Mitek Systems by 32.3% during the 3rd quarter. Covestor Ltd now owns 6,107 shares of the software maker’s stock worth $65,000 after acquiring an additional 1,492 shares in the last quarter. 83.64% of the stock is owned by hedge funds and other institutional investors.

Mitek Systems Stock Down 3.3 %

The company has a current ratio of 3.69, a quick ratio of 3.69 and a debt-to-equity ratio of 0.66. The firm’s fifty day simple moving average is $12.71 and its 200 day simple moving average is $11.95.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Tuesday, March 19th. The software maker reported $0.10 EPS for the quarter. Mitek Systems had a net margin of 4.25% and a return on equity of 17.83%. The company had revenue of $37.66 million during the quarter. As a group, research analysts expect that Mitek Systems, Inc. will post 0.82 EPS for the current fiscal year.

About Mitek Systems

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.