Mitek Systems (NASDAQ:MITK) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Mitek Systems, Inc. (NASDAQ:MITK) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $9.61 and traded as high as $10.79. Mitek Systems shares last traded at $10.59, with a volume of 858,270 shares trading hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of Mitek Systems in a research note on Tuesday, October 14th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $13.50.

Mitek Systems Trading Up 3.4%

The firm’s 50-day moving average price is $9.25 and its two-hundred day moving average price is $9.61. The stock has a market cap of $484.39 million, a PE ratio of 55.74 and a beta of 1.21.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, December 11th. The software maker reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. The company had revenue of $44.78 million for the quarter, compared to analyst estimates of $40.73 million. Mitek Systems had a net margin of 4.90% and a return on equity of 14.11%. On average, analysts anticipate that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Institutional Investors Weigh In On Mitek Systems

A number of hedge funds have recently made changes to their positions in the stock. Tudor Investment Corp ET AL grew its stake in Mitek Systems by 1,026.3% in the third quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock valued at $2,255,000 after purchasing an additional 210,352 shares during the last quarter. Verition Fund Management LLC bought a new stake in shares of Mitek Systems in the 3rd quarter valued at about $141,000. Qube Research & Technologies Ltd purchased a new position in shares of Mitek Systems in the 3rd quarter worth approximately $401,000. Algert Global LLC raised its stake in shares of Mitek Systems by 302.7% during the 3rd quarter. Algert Global LLC now owns 114,651 shares of the software maker’s stock worth $1,120,000 after acquiring an additional 86,181 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in Mitek Systems by 6.2% during the third quarter. Ameriprise Financial Inc. now owns 763,764 shares of the software maker’s stock valued at $7,462,000 after acquiring an additional 44,564 shares during the last quarter. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.