Mitek Systems (NASDAQ:MITK) Trading Down 5.9% on Analyst Downgrade
by Jessica Moore · The Cerbat GemShares of Mitek Systems, Inc. (NASDAQ:MITK – Get Free Report) traded down 5.9% on Thursday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $14.22 and last traded at $14.1750. 486,861 shares changed hands during trading, a decline of 38% from the average session volume of 789,585 shares. The stock had previously closed at $15.07.
A number of other equities analysts also recently commented on MITK. Weiss Ratings restated a “hold (c)” rating on shares of Mitek Systems in a research report on Friday, March 27th. Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. Jefferies Financial Group raised shares of Mitek Systems from a “hold” rating to a “buy” rating and increased their price target for the stock from $11.00 to $15.00 in a report on Friday, February 13th. Finally, Northland Securities set a $17.00 price objective on shares of Mitek Systems in a research report on Wednesday. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $16.00.
View Our Latest Stock Report on MITK
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Inspire Investing LLC purchased a new stake in shares of Mitek Systems during the 3rd quarter worth approximately $1,005,000. Topline Capital Management LLC raised its holdings in Mitek Systems by 99.6% during the third quarter. Topline Capital Management LLC now owns 1,055,608 shares of the software maker’s stock worth $10,313,000 after purchasing an additional 526,842 shares during the last quarter. Principal Financial Group Inc. increased its position in Mitek Systems by 124.5% during the third quarter. Principal Financial Group Inc. now owns 68,944 shares of the software maker’s stock worth $674,000 after buying an additional 38,237 shares in the last quarter. Tudor Investment Corp ET AL raised its holdings in shares of Mitek Systems by 1,026.3% in the third quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock worth $2,255,000 after acquiring an additional 210,352 shares during the last quarter. Finally, Skylands Capital LLC lifted its position in shares of Mitek Systems by 140.0% in the third quarter. Skylands Capital LLC now owns 225,296 shares of the software maker’s stock valued at $2,201,000 after acquiring an additional 131,421 shares in the last quarter. 83.64% of the stock is currently owned by institutional investors and hedge funds.
Mitek Systems Stock Up 7.9%
The firm has a market cap of $686.60 million, a price-to-earnings ratio of 43.29 and a beta of 1.03. The business has a 50 day moving average of $13.86 and a 200 day moving average of $11.15.
Mitek Systems (NASDAQ:MITK – Get Free Report) last released its earnings results on Thursday, February 5th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $44.24 million for the quarter, compared to analyst estimates of $42.44 million. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. Research analysts predict that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.
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.