Mitek Systems (NASDAQ:MITK) Cut to Hold at Zacks Research

Zacks Research cut shares of Mitek Systems (NASDAQ:MITK) from a strong-buy rating to a hold rating in a research note published on Thursday morning,Zacks.com reports.

Other equities analysts have also issued reports about the company. Weiss Ratings reissued a “hold (c)” rating on shares of Mitek Systems in a research note on Friday, March 27th. Northland Securities set a $17.00 price target on Mitek Systems in a research note on Wednesday. Wall Street Zen raised Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. Finally, Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and increased their price target for the company from $11.00 to $15.00 in a research note on Friday, February 13th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $16.00.

Mitek Systems Trading Up 7.9%

Shares of Mitek Systems stock opened at $15.15 on Thursday. The stock has a 50 day moving average of $13.86 and a 200 day moving average of $11.16. Mitek Systems has a 12 month low of $7.54 and a 12 month high of $15.61. The firm has a market cap of $686.60 million, a PE ratio of 43.29 and a beta of 1.03.

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

Institutional Investors Weigh In On Mitek Systems

Institutional investors have recently modified their holdings of the stock. Inspire Investing LLC bought a new stake in shares of Mitek Systems in the 3rd quarter valued at approximately $1,005,000. Principal Financial Group Inc. raised its holdings in shares of Mitek Systems by 124.5% in the third quarter. Principal Financial Group Inc. now owns 68,944 shares of the software maker’s stock worth $674,000 after buying an additional 38,237 shares during the period. Topline Capital Management LLC raised its holdings in shares of Mitek Systems by 99.6% in the third quarter. Topline Capital Management LLC now owns 1,055,608 shares of the software maker’s stock worth $10,313,000 after buying an additional 526,842 shares during the period. Tudor Investment Corp ET AL raised its holdings in shares of 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 worth $2,255,000 after buying an additional 210,352 shares during the period. Finally, Skylands Capital LLC raised its holdings in shares of Mitek Systems by 140.0% in the third quarter. Skylands Capital LLC now owns 225,296 shares of the software maker’s stock worth $2,201,000 after buying an additional 131,421 shares during the period. 83.64% of the stock is owned by institutional investors.

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.