Mitek Systems (NASDAQ:MITK) Raised to “Strong-Buy” at Wall Street Zen

Mitek Systems (NASDAQ:MITK) was upgraded by analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Saturday.

Mitek Systems Price Performance

MITK opened at $9.46 on Friday. Mitek Systems has a fifty-two week low of $6.93 and a fifty-two week high of $13.72. The firm’s fifty day moving average price is $9.10 and its two-hundred day moving average price is $9.45. The company has a market capitalization of $428.01 million, a P/E ratio of 33.79 and a beta of 1.15.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, May 8th. The software maker reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.10. Mitek Systems had a net margin of 7.51% and a return on equity of 18.85%. The firm had revenue of $51.93 million for the quarter, compared to the consensus estimate of $47.21 million. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. On average, equities research analysts expect that Mitek Systems will post 0.59 EPS for the current fiscal year.

Insider Activity

In other news, insider Michael E. Diamond sold 70,352 shares of the business’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $9.77, for a total value of $687,339.04. Following the sale, the insider now owns 233,340 shares in the company, valued at approximately $2,279,731.80. The trade was a 23.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its holdings in shares of Mitek Systems by 1,882.5% in the first quarter. GAMMA Investing LLC now owns 3,053 shares of the software maker’s stock valued at $25,000 after buying an additional 2,899 shares during the last quarter. Quarry LP bought a new position in shares of Mitek Systems in the fourth quarter valued at about $31,000. Canada Pension Plan Investment Board bought a new position in shares of Mitek Systems in the fourth quarter valued at about $39,000. Pandora Wealth Inc. bought a new position in shares of Mitek Systems in the first quarter valued at about $41,000. Finally, Ancora Advisors LLC bought a new position in shares of Mitek Systems in the fourth quarter valued at about $67,000. 83.64% of the stock is owned by institutional investors.

About Mitek Systems

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.