StockNews.com Upgrades Mitek Systems (NASDAQ:MITK) to “Buy”

StockNews.com upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a report issued on Wednesday morning.

Several other research firms have also commented on MITK. HC Wainwright restated a buy rating and set a $19.00 price target on shares of Mitek Systems in a research report on Tuesday. Craig Hallum upped their price objective on shares of Mitek Systems from $17.00 to $19.00 and gave the stock a buy rating in a report on Tuesday.

Mitek Systems Trading Up 1.7 %

MITK stock opened at $12.18 on Wednesday. Mitek Systems has a twelve month low of $8.77 and a twelve month high of $16.24. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.69 and a quick ratio of 3.69. The firm has a 50 day simple moving average of $12.68 and a 200-day simple moving average of $11.96.

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

Institutional Investors Weigh In On Mitek Systems

A number of institutional investors and hedge funds have recently bought and sold shares of MITK. Impax Asset Management Group plc increased its holdings in Mitek Systems by 41.1% in the fourth quarter. Impax Asset Management Group plc now owns 720,349 shares of the software maker’s stock worth $9,393,000 after buying an additional 210,000 shares during the last quarter. North Star Investment Management Corp. raised its stake in Mitek Systems by 4,261.7% during the fourth quarter. North Star Investment Management Corp. now owns 116,675 shares of the software maker’s stock worth $1,521,000 after acquiring an additional 114,000 shares in the last quarter. B. Riley Asset Management LLC raised its stake in Mitek Systems by 28.9% during the third quarter. B. Riley Asset Management LLC now owns 718,981 shares of the software maker’s stock worth $7,707,000 after acquiring an additional 161,246 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Mitek Systems by 77.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 429,271 shares of the software maker’s stock valued at $4,602,000 after buying an additional 186,746 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Mitek Systems by 427.5% in the third quarter. Assenagon Asset Management S.A. now owns 235,033 shares of the software maker’s stock valued at $2,520,000 after buying an additional 190,481 shares in the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

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.