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

Mitek Systems, Inc. (NASDAQ:MITK)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $10.74 and traded as high as $13.52. Mitek Systems shares last traded at $13.10, with a volume of 830,650 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Zacks Research upgraded Mitek Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 18th. Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and upped their price objective for the company from $11.00 to $15.00 in a report on Friday, February 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Mitek Systems in a research report on Monday, December 29th. Finally, Wall Street Zen raised Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Mitek Systems has an average rating of “Buy” and a consensus price target of $15.00.

Mitek Systems Price Performance

The business’s 50-day moving average price is $12.74 and its two-hundred day moving average price is $10.74. The company has a market capitalization of $593.69 million, a price-to-earnings ratio of 37.43 and a beta of 0.99.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MITK. Inspire Investing LLC bought a new stake in Mitek Systems during the third quarter worth about $1,005,000. Principal Financial Group Inc. increased its holdings in Mitek Systems by 124.5% in the 3rd quarter. Principal Financial Group Inc. now owns 68,944 shares of the software maker’s stock valued at $674,000 after buying an additional 38,237 shares during the period. Topline Capital Management LLC increased its holdings in Mitek Systems by 99.6% in the 3rd quarter. Topline Capital Management LLC now owns 1,055,608 shares of the software maker’s stock valued at $10,313,000 after buying an additional 526,842 shares during the period. Skylands Capital LLC raised its position in shares of Mitek Systems by 140.0% in the 3rd quarter. Skylands Capital LLC now owns 225,296 shares of the software maker’s stock valued at $2,201,000 after buying an additional 131,421 shares in the last quarter. Finally, Teton Advisors LLC acquired a new position in shares of Mitek Systems in the 3rd quarter valued at approximately $918,000. 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.