Mitek Systems (NASDAQ:MITK) Sees Large Volume Increase After Analyst Upgrade

Shares of Mitek Systems, Inc. (NASDAQ:MITK) saw unusually-strong trading volume on Wednesday after StockNews.com upgraded the stock from a hold rating to a buy rating. Approximately 259,181 shares were traded during trading, a decline of 43% from the previous session’s volume of 452,101 shares.The stock last traded at $13.11 and had previously closed at $13.39.

A number of other research firms have also weighed in on MITK. Craig Hallum upped their target price on shares of Mitek Systems from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday. HC Wainwright reissued a “buy” rating and issued a $19.00 price objective on shares of Mitek Systems in a research note on Tuesday.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MITK. Vanguard Group Inc. grew its position in Mitek Systems by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 3,379,226 shares of the software maker’s stock worth $44,065,000 after purchasing an additional 92,146 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Mitek Systems by 3.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 29,268 shares of the software maker’s stock worth $383,000 after buying an additional 963 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Mitek Systems by 6.8% in the fourth quarter. Legal & General Group Plc now owns 3,045,287 shares of the software maker’s stock valued at $39,711,000 after acquiring an additional 193,443 shares in the last quarter. Barclays PLC increased its position in shares of Mitek Systems by 317.3% during the fourth quarter. Barclays PLC now owns 69,938 shares of the software maker’s stock valued at $912,000 after acquiring an additional 53,180 shares during the last quarter. Finally, Newtyn Management LLC bought a new stake in Mitek Systems during the fourth quarter worth $12,942,000. 83.64% of the stock is owned by institutional investors.

Mitek Systems Stock Performance

The firm has a market cap of $569.43 million, a PE ratio of -173.83 and a beta of 1.09. The company has a 50-day simple moving average of $12.70 and a two-hundred day simple moving average of $11.95. The company has a quick ratio of 3.69, a current ratio of 3.69 and a debt-to-equity ratio of 0.66.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Tuesday, March 19th. The software maker reported $0.10 EPS for the quarter. Mitek Systems had a net margin of 4.25% and a return on equity of 17.83%. The business had revenue of $37.66 million for the quarter. As a group, equities research analysts forecast that Mitek Systems, Inc. will post 0.82 earnings per share for the current year.

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.