Mitek Systems (NASDAQ:MITK) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Mitek Systems, Inc. (NASDAQ:MITK) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $9.70 and traded as high as $10.13. Mitek Systems shares last traded at $10.09, with a volume of 467,977 shares trading hands.

Wall Street Analyst Weigh In

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

Mitek Systems Trading Up 1.8%

The firm has a market cap of $461.52 million, a price-to-earnings ratio of 53.11 and a beta of 1.08. The firm has a 50 day moving average price of $9.76 and a 200-day moving average price of $9.70.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, December 11th. The software maker reported $0.18 earnings per share for the quarter, meeting the consensus estimate 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 during the quarter, compared to the consensus estimate of $40.73 million. As a group, equities analysts expect that Mitek Systems, Inc. will post 0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Mitek Systems

A number of large investors have recently bought and sold shares of MITK. Harbor Capital Advisors Inc. raised its stake in shares of Mitek Systems by 13.6% during the third quarter. Harbor Capital Advisors Inc. now owns 12,100 shares of the software maker’s stock valued at $118,000 after purchasing an additional 1,449 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in shares of Mitek Systems by 1.9% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 121,514 shares of the software maker’s stock valued at $1,187,000 after purchasing an additional 2,225 shares during the period. CWM LLC grew 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 in the last quarter. Rhumbline Advisers increased its stake in Mitek Systems by 3.8% during the 1st quarter. Rhumbline Advisers now owns 65,999 shares of the software maker’s stock worth $544,000 after buying an additional 2,396 shares during the period. Finally, First Trust Advisors LP increased its stake in Mitek Systems by 2.4% during the 3rd quarter. First Trust Advisors LP now owns 173,076 shares of the software maker’s stock worth $1,691,000 after buying an additional 3,995 shares during the period. Institutional investors and hedge funds own 83.64% of the company’s stock.

About Mitek Systems

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.