Mitek Systems (NASDAQ:MITK) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a report issued on Wednesday morning.

A number of other equities research analysts also recently commented on the stock. HC Wainwright restated a buy rating and issued a $19.00 price objective on shares of Mitek Systems in a research report on Tuesday. Craig Hallum raised their price objective on shares of Mitek Systems from $17.00 to $19.00 and gave the company a buy rating in a research report on Tuesday.

Mitek Systems Trading Down 9.1 %

NASDAQ MITK opened at $12.17 on Wednesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.69 and a quick ratio of 3.69. Mitek Systems has a 52-week low of $8.77 and a 52-week high of $16.24. The business’s 50-day moving average price is $12.70 and its 200 day moving average price is $11.95.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Tuesday, March 19th. The software maker reported $0.10 EPS for the quarter. The firm had revenue of $37.66 million during the quarter. Mitek Systems had a net margin of 4.25% and a return on equity of 17.83%. On average, sell-side analysts predict that Mitek Systems will post 0.82 earnings per share for the current year.

Institutional Investors Weigh In On Mitek Systems

A number of hedge funds and other institutional investors have recently modified their holdings of MITK. Tower Research Capital LLC TRC lifted its position in shares of Mitek Systems by 88.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the software maker’s stock valued at $29,000 after acquiring an additional 1,475 shares during the period. Point72 Middle East FZE acquired a new stake in shares of Mitek Systems during the 4th quarter valued at approximately $40,000. Quarry LP lifted its position in shares of Mitek Systems by 536.0% during the 1st quarter. Quarry LP now owns 4,738 shares of the software maker’s stock valued at $45,000 after acquiring an additional 3,993 shares during the period. Royal Bank of Canada lifted its position in shares of Mitek Systems by 66.4% during the 3rd quarter. Royal Bank of Canada now owns 4,954 shares of the software maker’s stock valued at $46,000 after acquiring an additional 1,977 shares during the period. Finally, Ensign Peak Advisors Inc acquired a new stake in shares of Mitek Systems during the 3rd quarter valued at approximately $59,000. 83.64% of the stock is currently 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.