Mitek Systems (NASDAQ:MITK) Downgraded by Wall Street Zen to Buy

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

Mitek Systems Stock Up 8.9%

Shares of MITK opened at $9.94 on Friday. The firm has a 50-day moving average price of $9.65 and a 200 day moving average price of $9.27. The firm has a market capitalization of $449.69 million, a PE ratio of 30.12 and a beta of 1.13. Mitek Systems has a 52-week low of $6.93 and a 52-week high of $11.78.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, May 8th. The software maker reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.10. The firm had revenue of $51.93 million during the quarter, compared to analyst estimates of $47.21 million. Mitek Systems had a net margin of 8.71% and a return on equity of 17.78%. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. On average, equities analysts expect that Mitek Systems will post 0.59 EPS for the current year.

Insider Buying and Selling at Mitek Systems

In other news, insider Michael E. Diamond sold 70,352 shares of the firm’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $9.77, for a total transaction of $687,339.04. Following the completion of the transaction, the insider owned 233,340 shares in the company, valued at approximately $2,279,731.80. This trade represents a 23.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Invesco Ltd. boosted its holdings in shares of Mitek Systems by 534.4% during the fourth quarter. Invesco Ltd. now owns 1,722,099 shares of the software maker’s stock worth $19,167,000 after purchasing an additional 1,450,652 shares during the period. Marshall Wace LLP boosted its holdings in shares of Mitek Systems by 2,115.7% during the fourth quarter. Marshall Wace LLP now owns 859,123 shares of the software maker’s stock worth $9,562,000 after purchasing an additional 820,349 shares during the period. CSM Advisors LLC acquired a new stake in shares of Mitek Systems during the second quarter worth approximately $5,201,000. Impax Asset Management Group plc boosted its holdings in shares of Mitek Systems by 70.0% during the first quarter. Impax Asset Management Group plc now owns 850,000 shares of the software maker’s stock worth $7,012,000 after purchasing an additional 350,000 shares during the period. Finally, Pacer Advisors Inc. acquired a new stake in shares of Mitek Systems during the first quarter worth approximately $2,694,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

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.