Mitek Systems (NASDAQ:MITK) Stock Crosses 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 Thursday . The stock has a 200-day moving average of $14.57 and traded as high as $17.16. Mitek Systems shares last traded at $15.91, with a volume of 1,334,978 shares.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MITK. Weiss Ratings upgraded Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Wall Street Zen downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. Zacks Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Finally, Northland Securities set a $17.00 price objective on shares of Mitek Systems in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $16.00.

Mitek Systems Stock Down 7.3%

The company has a market cap of $718.50 million, a PE ratio of 45.46 and a beta of 0.97. The business’s fifty day simple moving average is $17.40 and its two-hundred day simple moving average is $14.57. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.61 and a quick ratio of 2.61.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.26 by $0.12. The company had revenue of $54.84 million for the quarter, compared to analyst estimates of $52.59 million. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%. On average, analysts predict that Mitek Systems, Inc. will post 0.86 earnings per share for the current year.

Insider Transactions at Mitek Systems

In other news, COO Garrett Gafke sold 152,529 shares of Mitek Systems stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total value of $2,123,203.68. Following the sale, the chief operating officer owned 265,387 shares in the company, valued at $3,694,187.04. This trade represents a 36.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Mak Capital One LLC acquired a new position in Mitek Systems during the fourth quarter worth about $6,690,000. Topline Capital Management LLC acquired a new stake in Mitek Systems in the 2nd quarter valued at about $5,235,000. Congruence Capital LLC acquired a new stake in Mitek Systems in the 4th quarter valued at about $4,106,000. Tudor Investment Corp ET AL lifted its stake in Mitek Systems by 1,026.3% in the 3rd quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock worth $2,255,000 after purchasing an additional 210,352 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Mitek Systems by 109.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 395,956 shares of the software maker’s stock worth $4,177,000 after purchasing an additional 206,593 shares in the last quarter. 83.64% of the stock is owned by hedge funds and other institutional investors.

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.