Mitek Systems (NASDAQ:MITK) Reaches New 1-Year High – Here’s Why

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price reached a new 52-week high on Friday . The company traded as high as $13.70 and last traded at $13.1820, with a volume of 476742 shares changing hands. The stock had previously closed at $11.51.

Analyst Ratings Changes

Several analysts have recently commented on MITK shares. Jefferies Financial Group upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and raised their target price for the stock from $11.00 to $15.00 in a research note on Friday. 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 research note on Saturday, February 7th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Mitek Systems has an average rating of “Moderate Buy” and an average target price of $15.00.

Mitek Systems Price Performance

The firm has a market cap of $607.29 million, a PE ratio of 38.29 and a beta of 1.07. The business has a 50-day moving average price of $10.39 and a two-hundred day moving average price of $9.84.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, February 5th. The software maker reported $0.26 earnings per share for the quarter, topping 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 analysts’ expectations of $42.44 million. 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

Several hedge funds have recently modified their holdings of MITK. Harbor Capital Advisors Inc. increased its stake in Mitek Systems by 13.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 12,100 shares of the software maker’s stock worth $118,000 after buying an additional 1,449 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in 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 worth $1,187,000 after purchasing an additional 2,225 shares during the period. CWM LLC boosted its holdings in Mitek Systems by 11.6% in the second quarter. CWM LLC now owns 22,696 shares of the software maker’s stock worth $225,000 after purchasing an additional 2,351 shares during the period. Aristides Capital LLC increased its stake in Mitek Systems by 4.5% during the fourth quarter. Aristides Capital LLC now owns 55,434 shares of the software maker’s stock valued at $585,000 after purchasing an additional 2,380 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Mitek Systems by 7.0% during the fourth quarter. Deutsche Bank AG now owns 37,329 shares of the software maker’s stock worth $394,000 after purchasing an additional 2,431 shares during the period. 83.64% of the stock is currently owned by hedge funds and other 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.