Mitek Systems (NASDAQ:MITK) Lowered to Hold Rating by StockNews.com

StockNews.com cut shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a report released on Thursday morning.

MITK has been the subject of several other reports. Maxim Group lowered their target price on Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Craig Hallum lowered their price objective on Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Jefferies Financial Group cut shares of Mitek Systems from a “buy” rating to a “hold” rating and reduced their target price for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. Finally, HC Wainwright decreased their price target on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Mitek Systems presently has a consensus rating of “Moderate Buy” and an average target price of $12.13.

Mitek Systems Stock Performance

Shares of MITK stock opened at $9.30 on Thursday. The firm has a 50 day moving average of $8.89 and a two-hundred day moving average of $10.30. The stock has a market capitalization of $429.66 million, a PE ratio of -62.00 and a beta of 1.07. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68. Mitek Systems has a 52 week low of $7.35 and a 52 week high of $16.24.

Institutional Investors Weigh In On Mitek Systems

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Mitek Systems by 4.1% in the first quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock valued at $49,599,000 after purchasing an additional 138,438 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Mitek Systems by 8.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock worth $18,531,000 after buying an additional 128,282 shares during the last quarter. State Street Corp boosted its holdings in shares of Mitek Systems by 3.8% in the 3rd quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock valued at $11,326,000 after buying an additional 47,418 shares in the last quarter. Thompson Siegel & Walmsley LLC grew its position in shares of Mitek Systems by 259.9% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock valued at $8,567,000 after buying an additional 553,379 shares during the last quarter. Finally, LSV Asset Management grew its position in shares of Mitek Systems by 0.4% in the 2nd quarter. LSV Asset Management now owns 738,799 shares of the software maker’s stock valued at $8,260,000 after buying an additional 2,900 shares during the last quarter. Institutional investors and hedge funds own 83.64% of the company’s stock.

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.