Mitek Systems (NASDAQ:MITK) Cut to Buy at StockNews.com

Mitek Systems (NASDAQ:MITK) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

A number of other brokerages have also recently issued reports on MITK. HC Wainwright restated a “buy” rating and issued a $13.00 price objective on shares of Mitek Systems in a research note on Tuesday. Maxim Group increased their price objective on shares of Mitek Systems from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Mitek Systems currently has an average rating of “Moderate Buy” and a consensus target price of $12.88.

Mitek Systems Stock Performance

Mitek Systems stock traded down $0.86 during mid-day trading on Tuesday, reaching $10.16. The company had a trading volume of 1,576,208 shares, compared to its average volume of 551,723. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 0.67. Mitek Systems has a 52 week low of $7.35 and a 52 week high of $16.24. The company has a 50 day moving average of $10.32 and a 200-day moving average of $9.60. The firm has a market cap of $459.54 million, a price-to-earnings ratio of 169.33 and a beta of 1.08.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). Mitek Systems had a net margin of 1.90% and a return on equity of 16.64%. On average, sell-side analysts expect that Mitek Systems will post 0.65 EPS for the current fiscal year.

Insider Activity

In related news, SVP Christopher H. Briggs sold 3,320 shares of Mitek Systems stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total transaction of $30,145.60. Following the transaction, the senior vice president now owns 65,353 shares of the company’s stock, valued at $593,405.24. This trade represents a 4.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total transaction of $56,433.54. Following the transaction, the insider now directly owns 164,342 shares in the company, valued at $1,490,581.94. The trade was a 3.65 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,699 shares of company stock valued at $152,140. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Impax Asset Management Group plc acquired a new stake in Mitek Systems during the 4th quarter worth approximately $5,565,000. Invenomic Capital Management LP acquired a new stake in Mitek Systems during the 3rd quarter worth approximately $4,068,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Mitek Systems during the 4th quarter worth approximately $1,259,000. Tocqueville Asset Management L.P. raised its holdings in Mitek Systems by 45.4% during the 4th quarter. Tocqueville Asset Management L.P. now owns 256,300 shares of the software maker’s stock worth $2,853,000 after buying an additional 80,000 shares during the period. Finally, Capstone Investment Advisors LLC acquired a new stake in Mitek Systems during the 3rd quarter worth approximately $680,000. Institutional investors own 83.64% of the company’s stock.

About Mitek Systems

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.