Maxim Group Forecasts Strong Price Appreciation for Mitek Systems (NASDAQ:MITK) Stock

Mitek Systems (NASDAQ:MITK) had its price objective upped by equities research analysts at Maxim Group from $13.00 to $14.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Maxim Group’s price target points to a potential upside of 34.62% from the company’s current price.

MITK has been the subject of a number of other reports. HC Wainwright reiterated a “buy” rating and set a $13.00 price objective on shares of Mitek Systems in a research report on Tuesday. StockNews.com upgraded shares of 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 and four have given a buy rating to the company. According to data from MarketBeat.com, Mitek Systems has an average rating of “Moderate Buy” and an average target price of $12.88.

Mitek Systems Trading Up 2.4 %

MITK opened at $10.40 on Tuesday. The stock has a market capitalization of $470.39 million, a price-to-earnings ratio of 173.33 and a beta of 1.08. 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 twelve month low of $7.35 and a twelve month high of $16.24. The company has a 50-day simple moving average of $10.35 and a 200 day simple moving average of $9.61.

Mitek Systems (NASDAQ:MITK) last issued its earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). Mitek Systems had a net margin of 1.90% and a return on equity of 16.64%. Analysts predict that Mitek Systems will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling

In other Mitek Systems news, insider Jason Gray sold 6,222 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the transaction, the insider now owns 164,342 shares in the company, valued at approximately $1,490,581.94. This represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.09, for a total transaction of $41,304.96. Following the transaction, the insider now directly owns 166,632 shares in the company, valued at $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. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Mitek Systems

Several hedge funds have recently added to or reduced their stakes in the company. Foundry Partners LLC boosted its position in Mitek Systems by 44.2% during the fourth quarter. Foundry Partners LLC now owns 500,610 shares of the software maker’s stock valued at $5,572,000 after buying an additional 153,415 shares during the period. ExodusPoint Capital Management LP raised its holdings in shares of Mitek Systems by 24.0% during the fourth quarter. ExodusPoint Capital Management LP now owns 62,822 shares of the software maker’s stock valued at $699,000 after acquiring an additional 12,148 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Mitek Systems by 52.1% in the 4th quarter. JPMorgan Chase & Co. now owns 399,905 shares of the software maker’s stock worth $4,451,000 after purchasing an additional 136,949 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Mitek Systems in the fourth quarter worth about $105,000. Finally, Semanteon Capital Management LP purchased a new stake in Mitek Systems in the fourth quarter worth $341,000. Institutional investors own 83.64% of the company’s stock.

Mitek Systems Company Profile

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.