Mitek Systems Target of Unusually High Options Trading (NASDAQ:MITK)

Mitek Systems, Inc. (NASDAQ:MITK) was the target of unusually large options trading on Friday. Stock traders purchased 4,012 call options on the stock. This represents an increase of approximately 824% compared to the typical daily volume of 434 call options.

Mitek Systems Stock Performance

MITK stock opened at $14.65 on Friday. Mitek Systems has a 52 week low of $6.93 and a 52 week high of $15.61. The company has a market capitalization of $663.94 million, a PE ratio of 41.86 and a beta of 0.99. The company’s 50-day simple moving average is $11.60 and its 200 day simple moving average is $10.31.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, February 5th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. The business had revenue of $44.24 million during the quarter, compared to analysts’ expectations of $42.44 million. On average, analysts forecast that Mitek Systems will post 0.59 EPS for the current year.

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds have recently added to or reduced their stakes in MITK. New York State Teachers Retirement System acquired a new stake in shares of Mitek Systems during the 3rd quarter worth $39,000. Tower Research Capital LLC TRC lifted its position in Mitek Systems by 320.3% during the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock worth $60,000 after purchasing an additional 4,586 shares during the period. State of Alaska Department of Revenue increased its holdings in Mitek Systems by 305.2% in the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock valued at $85,000 after buying an additional 6,082 shares during the period. Russell Investments Group Ltd. raised its position in shares of Mitek Systems by 4,147.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after buying an additional 9,706 shares in the last quarter. Finally, AXQ Capital LP bought a new stake in shares of Mitek Systems during the 4th quarter worth approximately $117,000. Institutional investors own 83.64% of the company’s stock.

Wall Street Analyst Weigh In

MITK has been the subject of a number of analyst reports. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Mitek Systems in a research note on Monday, December 29th. Finally, Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and increased their price objective for the company from $11.00 to $15.00 in a report on Friday, February 13th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

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.