Mitek Systems (MITK) Upgraded to “Buy” at BidaskClub

BidaskClub upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.

Other analysts also recently issued research reports about the company. ValuEngine upgraded Mitek Systems from a hold rating to a buy rating in a research note on Thursday, May 31st. National Securities restated a buy rating and issued a $17.50 price target on shares of Mitek Systems in a research note on Sunday, July 29th. Finally, TheStreet downgraded Mitek Systems from a b rating to a c+ rating in a research note on Friday, July 27th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Mitek Systems currently has a consensus rating of Buy and an average target price of $17.50.

Shares of Mitek Systems remained flat at $$8.70 during midday trading on Friday, Marketbeat reports. The company’s stock had a trading volume of 168,384 shares, compared to its average volume of 253,234. Mitek Systems has a 1 year low of $7.00 and a 1 year high of $10.55. The stock has a market cap of $328.83 million, a P/E ratio of 96.67, a price-to-earnings-growth ratio of 19.33 and a beta of 0.36.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, July 26th. The software maker reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Mitek Systems had a return on equity of 4.74% and a net margin of 5.75%. The firm had revenue of $16.10 million for the quarter, compared to the consensus estimate of $15.33 million. During the same quarter in the prior year, the business earned $0.08 EPS. The business’s revenue for the quarter was up 36.4% on a year-over-year basis. research analysts predict that Mitek Systems will post 0.03 earnings per share for the current year.

In related news, insider Stephen Ritter sold 8,977 shares of the company’s stock in a transaction that occurred on Friday, June 8th. The stock was sold at an average price of $8.83, for a total value of $79,266.91. Following the sale, the insider now owns 206,984 shares in the company, valued at approximately $1,827,668.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeffrey C. Davison sold 13,094 shares of the company’s stock in a transaction that occurred on Friday, June 22nd. The stock was sold at an average price of $9.30, for a total value of $121,774.20. Following the completion of the sale, the chief financial officer now owns 144,658 shares in the company, valued at approximately $1,345,319.40. The disclosure for this sale can be found here. Insiders sold a total of 112,071 shares of company stock worth $974,241 in the last 90 days. 8.52% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. boosted its stake in Mitek Systems by 35.7% during the 1st quarter. Russell Investments Group Ltd. now owns 25,741 shares of the software maker’s stock valued at $190,000 after purchasing an additional 6,772 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of Mitek Systems by 15.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 71,065 shares of the software maker’s stock valued at $633,000 after buying an additional 9,300 shares during the period. Wedge Capital Management L L P NC lifted its holdings in shares of Mitek Systems by 4.5% during the 1st quarter. Wedge Capital Management L L P NC now owns 220,938 shares of the software maker’s stock valued at $1,635,000 after buying an additional 9,538 shares during the period. MetLife Investment Advisors LLC bought a new position in shares of Mitek Systems during the 4th quarter valued at $135,000. Finally, Unterberg Capital LLC lifted its holdings in shares of Mitek Systems by 2.5% during the 2nd quarter. Unterberg Capital LLC now owns 635,000 shares of the software maker’s stock valued at $5,652,000 after buying an additional 15,622 shares during the period. Institutional investors and hedge funds own 44.91% of the company’s stock.

Mitek Systems Company Profile

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions for enterprise customers worldwide. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences and transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile Websites, and desktop applications; Mobile Fill to pre-fill forms with personal data by simply snapping a picture of the consumer's driver license, credit card, or other document; Mobile Docs, a mobile document scanning solution; and MiSnap Multi-Check Capture, a software development kit that banks embed in their business banking app that facilitates capture of various checks in one deposit session.

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