Mitek Systems (NASDAQ:MITK) Stock Passes Above 200 Day Moving Average – Here’s Why

by · The Markets Daily

Mitek Systems, Inc. (NASDAQ:MITK – Get Free Report) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.61 and traded as high as $10.79. Mitek Systems shares last traded at $10.59, with a volume of 858,270 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of Mitek Systems in a research report on Tuesday, October 14th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.50.

Check Out Our Latest Analysis on MITK

Mitek Systems Trading Down 1.1%

The company has a market capitalization of $478.92 million, a PE ratio of 55.11 and a beta of 1.21. The stock has a fifty day moving average of $9.28 and a two-hundred day moving average of $9.62.

Mitek Systems (NASDAQ:MITK – Get Free Report) last posted its quarterly earnings results on Thursday, December 11th. The software maker reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. Mitek Systems had a return on equity of 14.11% and a net margin of 4.90%.The business had revenue of $44.78 million for the quarter, compared to analyst estimates of $40.73 million. Equities analysts forecast that Mitek Systems, Inc. will post 0.59 EPS for the current year.

Hedge Funds Weigh In On Mitek Systems

Hedge funds have recently bought and sold shares of the company. New York State Teachers Retirement System bought a new position in Mitek Systems in the 3rd quarter worth $39,000. Tower Research Capital LLC TRC raised its position in shares of Mitek Systems by 320.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after buying an additional 4,586 shares in the last quarter. Russell Investments Group Ltd. boosted 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 worth $97,000 after purchasing an additional 9,706 shares during the period. Harbor Capital Advisors Inc. increased its position in Mitek Systems by 13.6% during the third quarter. Harbor Capital Advisors Inc. now owns 12,100 shares of the software maker’s stock valued at $118,000 after acquiring an additional 1,449 shares during the last quarter. Finally, AlphaQuest LLC purchased a new stake in Mitek Systems in the 3rd quarter worth about $130,000. Institutional investors own 83.64% of the company’s stock.

Mitek Systems Company Profile

(Get Free Report)

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.

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