Mitek Systems (NASDAQ:MITK) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Mitek Systems, Inc. (NASDAQ:MITK) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $9.69 and traded as high as $10.65. Mitek Systems shares last traded at $10.46, with a volume of 268,800 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mitek Systems in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $13.50.

Mitek Systems Trading Down 1.5%

The firm has a market capitalization of $478.46 million, a price-to-earnings ratio of 55.05 and a beta of 1.08. The stock has a fifty day moving average price of $9.67 and a 200-day moving average price of $9.69.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Harbor Capital Advisors Inc. raised its position in shares of Mitek Systems by 13.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 12,100 shares of the software maker’s stock valued at $118,000 after acquiring an additional 1,449 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in Mitek Systems by 1.9% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 121,514 shares of the software maker’s stock worth $1,187,000 after buying an additional 2,225 shares during the last quarter. CWM LLC lifted its holdings in Mitek Systems by 11.6% during the 2nd quarter. CWM LLC now owns 22,696 shares of the software maker’s stock valued at $225,000 after purchasing an additional 2,351 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Mitek Systems by 3.8% during the first quarter. Rhumbline Advisers now owns 65,999 shares of the software maker’s stock worth $544,000 after acquiring an additional 2,396 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of Mitek Systems by 2.4% in the third quarter. First Trust Advisors LP now owns 173,076 shares of the software maker’s stock valued at $1,691,000 after acquiring an additional 3,995 shares in the last quarter. Institutional investors own 83.64% of the company’s stock.

Mitek Systems Company Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.