Mitek Systems (NASDAQ:MITK) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Mitek Systems, Inc. (NASDAQ:MITK)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.86 and traded as high as $10.80. Mitek Systems shares last traded at $10.79, with a volume of 531,339 shares changing hands.

Wall Street Analysts Forecast Growth

MITK has been the topic of a number of research analyst reports. StockNews.com raised Mitek Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 25th. HC Wainwright lifted their target price on shares of Mitek Systems from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $12.63.

Mitek Systems Stock Performance

The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. The firm’s 50-day moving average price is $9.84 and its two-hundred day moving average price is $9.86. The stock has a market cap of $444.27 million, a price-to-earnings ratio of -68.73 and a beta of 1.06.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Monday, December 16th. The software maker reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.16. The company had revenue of $43.22 million for the quarter, compared to analyst estimates of $41.30 million. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. Mitek Systems’s revenue was up 14.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 EPS. On average, analysts expect that Mitek Systems, Inc. will post 0.56 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total value of $56,433.54. Following the completion of the sale, the insider now owns 164,342 shares in the company, valued at approximately $1,490,581.94. This trade represents a 3.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael E. Diamond sold 4,544 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.09, for a total value of $41,304.96. Following the transaction, the insider now owns 166,632 shares in the company, valued at $1,514,684.88. This trade represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,699 shares of company stock valued at $152,140 over the last quarter. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Mitek Systems

Institutional investors have recently bought and sold shares of the company. Thompson Siegel & Walmsley LLC boosted its stake in shares of Mitek Systems by 259.9% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock valued at $8,567,000 after buying an additional 553,379 shares during the period. Invenomic Capital Management LP purchased a new position in Mitek Systems in the third quarter worth approximately $4,068,000. EVR Research LP acquired a new position in Mitek Systems during the 2nd quarter worth approximately $2,957,000. Marshall Wace LLP increased its position in shares of Mitek Systems by 251.1% in the 2nd quarter. Marshall Wace LLP now owns 309,163 shares of the software maker’s stock valued at $3,456,000 after purchasing an additional 221,116 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Mitek Systems by 8.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock valued at $18,531,000 after purchasing an additional 128,282 shares in the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Company Profile

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.