Mitek Systems (NASDAQ:MITK) Stock Price Up 4.5% – Here’s Why
by Mitch Edgeman · The Markets DailyShares of Mitek Systems, Inc. (NASDAQ:MITK – Get Free Report) shot up 4.5% on Wednesday. The stock traded as high as $18.18 and last traded at $18.2550. Approximately 239,900 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 889,069 shares. The stock had previously closed at $17.47.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on the stock. Maxim Group set a $26.00 price target on shares of Mitek Systems in a research note on Friday, August 7th. Zacks Research upgraded shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 18th. Weiss Ratings reissued a “hold (c+)” rating on shares of Mitek Systems in a report on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $19.33.
Read Our Latest Research Report on Mitek Systems
Mitek Systems Stock Up 2.2%
The stock has a market cap of $815.77 million, a P/E ratio of 38.47 and a beta of 0.99. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.19. The company has a 50-day simple moving average of $17.87 and a two-hundred day simple moving average of $16.52.
Mitek Systems (NASDAQ:MITK – Get Free Report) last issued its earnings results on Thursday, August 6th. The software maker reported $0.34 EPS for the quarter, topping the consensus estimate of $0.28 by $0.06. The company had revenue of $54.04 million for the quarter, compared to the consensus estimate of $50.82 million. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. On average, equities analysts forecast that Mitek Systems, Inc. will post 0.91 EPS for the current year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC bought a new stake in shares of Mitek Systems in the 2nd quarter worth approximately $42,000. AXQ Capital LP purchased a new stake in Mitek Systems in the fourth quarter worth $117,000. SummitTX Capital L.P. bought a new stake in Mitek Systems in the first quarter valued at $140,000. Abel Hall LLC purchased a new position in Mitek Systems during the 1st quarter valued at $176,000. Finally, Bank of Nova Scotia purchased a new position in Mitek Systems during the 1st quarter valued at $299,000. Institutional investors own 83.64% of the company’s stock.
Mitek Systems Company Profile
Mitek Systems, Inc (NASDAQ:MITK) develops digital identity verification and mobile capture software for financial institutions, fintech companies and other businesses. Its technology helps organizations verify identities, authenticate users and automate the submission and processing of documents and checks through digital channels.
The company’s offerings include mobile check deposit and check-processing solutions, as well as identity verification products that use document recognition, facial biometrics and liveness detection.