Mitek Systems (NASDAQ:MITK) Upgraded at Zacks Research

Zacks Research upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a strong-buy rating in a research report released on Wednesday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Mitek Systems in a research note on Monday, December 29th. Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and raised their price target for the stock from $11.00 to $15.00 in a report on Friday, February 13th. 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 assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Mitek Systems presently has an average rating of “Buy” and an average price target of $15.00.

Mitek Systems Price Performance

MITK opened at $14.08 on Wednesday. The firm has a market capitalization of $638.11 million, a price-to-earnings ratio of 40.23 and a beta of 0.99. The company’s 50 day simple moving average is $12.38 and its two-hundred day simple moving average is $10.59. Mitek Systems has a 1-year low of $6.93 and a 1-year high of $15.61.

Mitek Systems (NASDAQ:MITK) last announced 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 during the quarter, compared to the consensus estimate of $42.44 million. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. On average, equities analysts anticipate that Mitek Systems will post 0.59 earnings per share for the current fiscal year.

Institutional Trading of Mitek Systems

A number of large investors have recently bought and sold shares of MITK. New York State Teachers Retirement System bought a new stake in Mitek Systems during the 3rd quarter worth approximately $39,000. Tower Research Capital LLC TRC lifted its position in Mitek Systems by 320.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock worth $60,000 after buying an additional 4,586 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in Mitek Systems by 305.2% during the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock worth $85,000 after acquiring an additional 6,082 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Mitek Systems by 4,147.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock worth $97,000 after acquiring an additional 9,706 shares during the last quarter. Finally, AXQ Capital LP acquired a new stake in Mitek Systems in the 4th quarter valued at about $117,000. 83.64% of the stock is currently 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.