Mitek Systems, Inc. (NASDAQ:MITK) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Mitek Systems, Inc. (NASDAQ:MITK – Get Rating) have been assigned a consensus rating of “Buy” from the seven ratings firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $23.33.

MITK has been the topic of several recent research reports. TheStreet cut shares of Mitek Systems from a “b-” rating to a “c+” rating in a research report on Tuesday, May 3rd. Northland Securities cut their price target on shares of Mitek Systems from $24.00 to $20.00 in a report on Wednesday, April 20th. Maxim Group reiterated a “buy” rating and set a $28.00 price target on shares of Mitek Systems in a report on Friday, April 29th. StockNews.com downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Monday, April 18th. Finally, HC Wainwright cut their price target on shares of Mitek Systems from $27.00 to $22.00 in a report on Friday, April 29th.

In other Mitek Systems news, CEO Scipio Maximus Carnecchia sold 9,957 shares of the firm’s stock in a transaction on Tuesday, March 22nd. The shares were sold at an average price of $14.20, for a total value of $141,389.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Stephen Ritter sold 2,840 shares of the firm’s stock in a transaction on Tuesday, March 22nd. The stock was sold at an average price of $14.20, for a total transaction of $40,328.00. The disclosure for this sale can be found here. Insiders have sold 16,958 shares of company stock valued at $240,815 in the last three months. 3.40% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in shares of Mitek Systems by 5.5% during the third quarter. BlackRock Inc. now owns 3,224,084 shares of the software maker’s stock worth $59,644,000 after purchasing an additional 166,825 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Mitek Systems by 3.1% during the fourth quarter. Legal & General Group Plc now owns 2,965,994 shares of the software maker’s stock worth $52,647,000 after purchasing an additional 88,550 shares during the last quarter. Blue Grotto Capital LLC raised its holdings in shares of Mitek Systems by 14.6% during the first quarter. Blue Grotto Capital LLC now owns 2,614,842 shares of the software maker’s stock worth $38,359,000 after purchasing an additional 333,966 shares during the last quarter. Toronado Partners LLC raised its holdings in shares of Mitek Systems by 6.7% during the first quarter. Toronado Partners LLC now owns 2,606,759 shares of the software maker’s stock worth $38,241,000 after purchasing an additional 164,284 shares during the last quarter. Finally, Independent Advisor Alliance raised its holdings in shares of Mitek Systems by 17.2% during the first quarter. Independent Advisor Alliance now owns 1,326,668 shares of the software maker’s stock worth $19,462,000 after purchasing an additional 194,968 shares during the last quarter. 66.93% of the stock is owned by institutional investors and hedge funds.

Shares of MITK stock opened at $9.55 on Friday. The stock has a market cap of $423.54 million, a P/E ratio of 41.52 and a beta of 0.61. Mitek Systems has a 52 week low of $9.03 and a 52 week high of $23.29. The company has a quick ratio of 5.75, a current ratio of 2.39 and a debt-to-equity ratio of 0.67. The company’s fifty day simple moving average is $13.11 and its two-hundred day simple moving average is $15.39.

Mitek Systems (NASDAQ:MITK – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.20 by $0.04. The business had revenue of $34.70 million for the quarter, compared to analysts’ expectations of $33.02 million. Mitek Systems had a net margin of 7.76% and a return on equity of 17.17%. The business’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.11 EPS. On average, analysts anticipate that Mitek Systems will post 0.57 EPS for the current fiscal year.

About Mitek Systems (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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