Mitek Systems (NASDAQ:MITK) Receives Buy Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Mitek Systems (NASDAQ:MITK) in a research report released on Tuesday,Benzinga reports. HC Wainwright currently has a $13.00 price objective on the software maker’s stock.

Separately, StockNews.com raised Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 25th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Mitek Systems presently has an average rating of “Moderate Buy” and an average target price of $12.88.

Mitek Systems Stock Down 7.8 %

NASDAQ:MITK opened at $10.16 on Tuesday. The stock has a 50-day simple moving average of $10.32 and a 200 day simple moving average of $9.60. Mitek Systems has a 52-week low of $7.35 and a 52-week high of $16.24. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.39 and a current ratio of 4.39. The company has a market cap of $459.54 million, a PE ratio of 169.33 and a beta of 1.08.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Monday, February 10th. The software maker reported $0.06 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a net margin of 1.90% and a return on equity of 16.64%. On average, sell-side analysts expect that Mitek Systems will post 0.65 EPS for the current fiscal year.

Insider Activity

In related news, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 166,632 shares of the company’s stock, valued at approximately $1,514,684.88. This trade represents a 2.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total value of $56,433.54. Following the sale, the insider now directly owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. The trade was a 3.65 % 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 over the last three months. Insiders own 2.10% of the company’s stock.

Institutional Trading of Mitek Systems

Hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC lifted its holdings in Mitek Systems by 25.5% during the 3rd quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after purchasing an additional 1,300 shares during the last quarter. Avior Wealth Management LLC acquired a new stake in Mitek Systems during the 3rd quarter worth approximately $60,000. KLP Kapitalforvaltning AS acquired a new stake in Mitek Systems during the 4th quarter worth approximately $105,000. Y Intercept Hong Kong Ltd acquired a new stake in Mitek Systems during the 4th quarter worth approximately $114,000. Finally, Lazari Capital Management Inc. acquired a new stake in Mitek Systems during the 4th quarter worth approximately $117,000. 83.64% of the stock is owned by institutional investors and hedge funds.

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.