Mitek Systems (NASDAQ:MITK) Cut to “Strong Sell” at BidaskClub

Mitek Systems (NASDAQ:MITK) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Friday, January 26th.

Separately, Zacks Investment Research raised Mitek Systems from a “sell” rating to a “hold” rating in a report on Saturday, November 18th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Mitek Systems currently has an average rating of “Hold” and an average price target of $11.50.

Shares of Mitek Systems (MITK) traded down $0.10 on Friday, reaching $7.85. The company had a trading volume of 214,017 shares, compared to its average volume of 459,194. Mitek Systems has a 1 year low of $5.65 and a 1 year high of $10.75. The company has a market capitalization of $273.99, a price-to-earnings ratio of 21.81, a price-to-earnings-growth ratio of 6.67 and a beta of 0.46.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Thursday, January 25th. The software maker reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The company had revenue of $12.14 million for the quarter, compared to the consensus estimate of $11.57 million. Mitek Systems had a return on equity of 9.45% and a net margin of 18.57%. The company’s quarterly revenue was up 31.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.03 earnings per share. equities analysts expect that Mitek Systems will post 0.08 earnings per share for the current year.

In other news, insider Stephen Ritter sold 11,976 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $7.50, for a total value of $89,820.00. Following the transaction, the insider now directly owns 215,961 shares of the company’s stock, valued at approximately $1,619,707.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James B. Debello sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $8.50, for a total value of $425,000.00. Following the completion of the transaction, the chief executive officer now directly owns 893,887 shares in the company, valued at $7,598,039.50. The disclosure for this sale can be found here. Insiders have sold 95,576 shares of company stock worth $817,339 over the last ninety days. Company insiders own 7.50% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. MetLife Investment Advisors LLC acquired a new position in shares of Mitek Systems in the 4th quarter worth approximately $135,000. Symmetry Peak Management LLC acquired a new position in shares of Mitek Systems in the 4th quarter worth approximately $269,000. Municipal Employees Retirement System of Michigan acquired a new position in shares of Mitek Systems in the 4th quarter worth approximately $364,000. Two Sigma Advisers LP acquired a new position in shares of Mitek Systems in the 4th quarter worth approximately $461,000. Finally, Deutsche Bank AG boosted its holdings in shares of Mitek Systems by 258.0% in the 4th quarter. Deutsche Bank AG now owns 192,550 shares of the software maker’s stock worth $1,722,000 after acquiring an additional 138,766 shares in the last quarter. 46.36% of the stock is currently owned by institutional investors and hedge funds.

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Mitek Systems Company Profile

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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