Mitek Systems, Inc. (NASDAQ:MITK) Receives Average Recommendation of “Buy” from Analysts

Mitek Systems, Inc. (NASDAQ:MITKGet Rating) has received a consensus rating of “Buy” from the seven research firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $25.50.

Several brokerages recently issued reports on MITK. Maxim Group began coverage on shares of Mitek Systems in a research report on Friday, March 25th. They set a “buy” rating and a $28.00 price target on the stock. StockNews.com downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Monday. Finally, Zacks Investment Research downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating in a research report on Thursday, January 6th.

Shares of Mitek Systems stock opened at $13.15 on Tuesday. The firm has a market capitalization of $582.52 million, a PE ratio of 62.62 and a beta of 0.45. The company has a debt-to-equity ratio of 0.88, a current ratio of 5.75 and a quick ratio of 5.75. The company’s fifty day moving average price is $14.52 and its two-hundred day moving average price is $16.37. Mitek Systems has a 52-week low of $12.90 and a 52-week high of $23.29.

Mitek Systems (NASDAQ:MITKGet Rating) last announced its quarterly earnings results on Thursday, January 27th. The software maker reported $0.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.10. Mitek Systems had a net margin of 7.42% and a return on equity of 15.74%. The firm had revenue of $32.47 million for the quarter, compared to analyst estimates of $28.53 million. During the same quarter in the previous year, the firm posted $0.09 EPS. The business’s revenue for the quarter was up 25.0% on a year-over-year basis. Analysts predict that Mitek Systems will post 0.64 earnings per share for the current fiscal year.

In other Mitek Systems news, CTO Stephen Ritter sold 2,840 shares of the company’s stock in a transaction dated Tuesday, March 22nd. The shares were sold at an average price of $14.20, for a total transaction of $40,328.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Scipio Maximus Carnecchia sold 9,957 shares of the company’s stock in a transaction dated Tuesday, March 22nd. The shares were sold at an average price of $14.20, for a total transaction of $141,389.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,958 shares of company stock worth $240,815. Corporate insiders own 5.40% of the company’s stock.

Several hedge funds have recently made changes to their positions in MITK. Granahan Investment Management Inc. MA bought a new stake in shares of Mitek Systems in the 3rd quarter valued at about $15,949,000. Blue Grotto Capital LLC increased its stake in shares of Mitek Systems by 37.1% in the 4th quarter. Blue Grotto Capital LLC now owns 2,280,876 shares of the software maker’s stock valued at $40,485,000 after acquiring an additional 617,657 shares during the last quarter. Millennium Management LLC increased its stake in shares of Mitek Systems by 112.4% in the 4th quarter. Millennium Management LLC now owns 538,572 shares of the software maker’s stock valued at $9,560,000 after acquiring an additional 285,029 shares during the last quarter. BlackRock Inc. increased its stake in shares of Mitek Systems by 5.5% in the 3rd quarter. BlackRock Inc. now owns 3,224,084 shares of the software maker’s stock valued at $59,644,000 after acquiring an additional 166,825 shares during the last quarter. Finally, Kopp Family Office LLC increased its stake in shares of Mitek Systems by 146.7% in the 4th quarter. Kopp Family Office LLC now owns 236,628 shares of the software maker’s stock valued at $4,200,000 after acquiring an additional 140,730 shares during the last quarter. 66.20% of the stock is owned by institutional investors.

Mitek Systems Company Profile (Get Rating)

Mitek Systems, Inc develops, markets, and sells mobile image capture and digital identity verification solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and web browsers to facilitate digital consumer experiences.

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