Zacks Investment Research upgraded shares of Mitek Systems (NASDAQ:MITK) from a sell rating to a hold rating in a report published on Friday.
According to Zacks, “Mitek Systems, Inc. is primarily engaged in the development and sale of software products with particular focus on intelligent character recognition and forms processing technology, products and services for the document imaging markets. They develop, market and support what they believe to be the most accurate Automated Document Recognition (ADR) products commercially available for the recognition of hand printed characters. “
Separately, BidaskClub raised Mitek Systems from a hold rating to a buy rating in a report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. Mitek Systems has a consensus rating of Hold and an average price target of $10.80.
Shares of Mitek Systems (NASDAQ MITK) traded up $0.15 during mid-day trading on Friday, reaching $8.70. The company had a trading volume of 455,475 shares, compared to its average volume of 334,908. The stock has a market capitalization of $297.32, a PE ratio of 57.00, a P/E/G ratio of 4.28 and a beta of 0.64. Mitek Systems has a 52 week low of $5.50 and a 52 week high of $10.75.
Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Tuesday, November 7th. The software maker reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.02. Mitek Systems had a return on equity of 11.49% and a net margin of 31.05%. The company had revenue of $12.90 million during the quarter, compared to analysts’ expectations of $12.35 million. During the same period last year, the business earned $0.07 earnings per share. Mitek Systems’s quarterly revenue was up 33.4% on a year-over-year basis. equities analysts predict that Mitek Systems will post 0.13 EPS for the current fiscal year.
In related news, insider Stephen Ritter sold 10,000 shares of Mitek Systems stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $9.57, for a total transaction of $95,700.00. Following the transaction, the insider now owns 227,937 shares in the company, valued at $2,181,357.09. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Bruce Edward Hansen sold 50,000 shares of Mitek Systems stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $9.16, for a total value of $458,000.00. Following the transaction, the director now owns 61,600 shares in the company, valued at approximately $564,256. The disclosure for this sale can be found here. Insiders sold 205,942 shares of company stock worth $1,812,527 over the last ninety days. Corporate insiders own 8.52% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. TIAA CREF Investment Management LLC raised its position in Mitek Systems by 43.9% in the first quarter. TIAA CREF Investment Management LLC now owns 122,135 shares of the software maker’s stock valued at $812,000 after purchasing an additional 37,271 shares during the period. Vanguard Group Inc. raised its position in Mitek Systems by 8.2% in the first quarter. Vanguard Group Inc. now owns 1,309,044 shares of the software maker’s stock valued at $8,705,000 after purchasing an additional 99,489 shares during the period. Geode Capital Management LLC raised its position in Mitek Systems by 3.5% in the first quarter. Geode Capital Management LLC now owns 241,802 shares of the software maker’s stock valued at $1,607,000 after purchasing an additional 8,185 shares during the period. Bank of America Corp DE raised its position in Mitek Systems by 2.1% in the first quarter. Bank of America Corp DE now owns 23,382 shares of the software maker’s stock valued at $156,000 after purchasing an additional 490 shares during the period. Finally, Russell Investments Group Ltd. raised its position in Mitek Systems by 16.6% in the second quarter. Russell Investments Group Ltd. now owns 83,741 shares of the software maker’s stock valued at $703,000 after purchasing an additional 11,943 shares during the period. Hedge funds and other institutional investors own 43.56% of the company’s stock.
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About Mitek Systems
Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device keyboard.
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