Mitek Systems’ (MITK) “Buy” Rating Reiterated at HC Wainwright

Mitek Systems (NASDAQ:MITK)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $13.00 price objective on the software maker’s stock. HC Wainwright’s target price would indicate a potential upside of 17.97% from the stock’s current price.

Separately, StockNews.com upgraded Mitek Systems from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 25th. 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 stock. According to MarketBeat, Mitek Systems has a consensus rating of “Buy” and a consensus price target of $12.63.

Mitek Systems Stock Up 5.2 %

Shares of Mitek Systems stock opened at $11.02 on Tuesday. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 0.67. Mitek Systems has a 52-week low of $7.35 and a 52-week high of $16.24. The company has a market capitalization of $498.43 million, a P/E ratio of 183.67 and a beta of 1.08. The company has a 50 day moving average of $10.30 and a 200 day moving average of $9.62.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Monday, February 10th. The software maker reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a return on equity of 16.64% and a net margin of 1.90%. As a group, research analysts forecast that Mitek Systems will post 0.65 EPS for the current fiscal year.

Insider Activity at Mitek Systems

In related news, SVP Christopher H. Briggs sold 3,320 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total transaction of $30,145.60. Following the completion of the sale, the senior vice president now owns 65,353 shares in the company, valued at $593,405.24. This represents a 4.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total transaction of $41,304.96. Following the completion of the transaction, the insider now owns 166,632 shares in the company, valued at approximately $1,514,684.88. This represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,699 shares of company stock valued at $152,140 in the last three months. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Impax Asset Management Group plc purchased a new stake in shares of Mitek Systems during the fourth quarter worth approximately $5,565,000. Invenomic Capital Management LP purchased a new position in Mitek Systems during the 3rd quarter worth $4,068,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Mitek Systems in the 4th quarter worth $1,259,000. Tocqueville Asset Management L.P. boosted its holdings in shares of Mitek Systems by 45.4% in the fourth quarter. Tocqueville Asset Management L.P. now owns 256,300 shares of the software maker’s stock valued at $2,853,000 after acquiring an additional 80,000 shares in the last quarter. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Mitek Systems during the third quarter worth about $680,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.