Mitek Systems (NASDAQ:MITK) Reaches New 52-Week High – Here’s Why
by Amy Steele · The Cerbat GemMitek Systems, Inc. (NASDAQ:MITK – Get Free Report)’s stock price hit a new 52-week high on Monday . The company traded as high as $16.26 and last traded at $16.1130, with a volume of 246838 shares traded. The stock had previously closed at $15.61.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on MITK. Zacks Research cut shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Jefferies Financial Group upgraded 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 research note on Friday, February 13th. Wall Street Zen cut shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Northland Securities set a $17.00 price target on shares of Mitek Systems in a research note on Wednesday, April 15th. Finally, Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Mitek Systems presently has a consensus rating of “Hold” and a consensus price target of $16.00.
Check Out Our Latest Analysis on Mitek Systems
Mitek Systems Stock Performance
The company has a market cap of $662.48 million, a PE ratio of 41.92 and a beta of 0.95. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.61 and a current ratio of 2.61. The stock’s 50-day simple moving average is $14.36 and its 200 day simple moving average is $11.73.
Mitek Systems (NASDAQ:MITK – Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.12. The company had revenue of $54.84 million during the quarter, compared to the consensus estimate of $52.59 million. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. As a group, equities analysts anticipate that Mitek Systems, Inc. will post 0.88 EPS for the current year.
Insider Activity
In other news, COO Garrett Gafke sold 152,529 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total value of $2,123,203.68. Following the completion of the transaction, the chief operating officer owned 265,387 shares in the company, valued at $3,694,187.04. This trade represents a 36.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.20% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Mitek Systems
Large investors have recently made changes to their positions in the stock. New York State Teachers Retirement System purchased a new position in shares of Mitek Systems in the 3rd quarter valued at about $39,000. Tower Research Capital LLC TRC increased its holdings in shares of Mitek Systems by 320.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after purchasing an additional 4,586 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Mitek Systems by 305.2% in the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock valued at $85,000 after purchasing an additional 6,082 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Mitek Systems by 4,147.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after purchasing an additional 9,706 shares in the last quarter. Finally, AXQ Capital LP purchased a new position in Mitek Systems during the 4th quarter valued at about $117,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.
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.