Investors Buy High Volume of Call Options on Mitek Systems (MITK)

Mitek Systems, Inc. (NASDAQ:MITK) saw some unusual options trading activity on Thursday. Stock investors bought 2,166 call options on the stock. This represents an increase of 2,713% compared to the average daily volume of 77 call options.

A number of research firms recently issued reports on MITK. BidaskClub upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating in a research report on Saturday, June 23rd. ValuEngine upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating in a research report on Thursday. Benchmark cut shares of Mitek Systems from a “buy” rating to a “hold” rating and set a $8.00 price objective for the company. in a research report on Tuesday, August 28th. TheStreet cut shares of Mitek Systems from a “b” rating to a “c+” rating in a research report on Friday, July 27th. Finally, National Securities reiterated a “buy” rating and set a $17.50 price objective on shares of Mitek Systems in a research report on Sunday, July 29th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $11.08.

MITK stock opened at $8.68 on Friday. The company has a market cap of $319.38 million, a P/E ratio of 42.62, a P/E/G ratio of 3.13 and a beta of 0.21. Mitek Systems has a 1 year low of $6.32 and a 1 year high of $10.10.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Thursday, July 26th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.03. The business had revenue of $16.10 million during the quarter, compared to analysts’ expectations of $15.33 million. Mitek Systems had a net margin of 5.75% and a return on equity of 4.74%. The firm’s quarterly revenue was up 36.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.08 EPS. Analysts anticipate that Mitek Systems will post 0.03 earnings per share for the current year.

In other news, CEO James B. Debello sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $8.54, for a total value of $427,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James C. Hale III bought 20,000 shares of the company’s stock in a transaction dated Friday, August 31st. The stock was purchased at an average price of $7.17 per share, with a total value of $143,400.00. Following the completion of the transaction, the director now directly owns 111,135 shares in the company, valued at approximately $796,837.95. The disclosure for this purchase can be found here. 8.52% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Mount Yale Investment Advisors LLC acquired a new position in Mitek Systems during the 2nd quarter worth approximately $122,000. Mackay Shields LLC bought a new stake in Mitek Systems during the 2nd quarter worth approximately $208,000. Russell Investments Group Ltd. grew its holdings 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 worth $190,000 after acquiring an additional 6,772 shares during the last quarter. Eqis Capital Management Inc. bought a new stake in Mitek Systems during the 2nd quarter worth approximately $239,000. Finally, First Trust Advisors LP grew its holdings in Mitek Systems by 85.0% during the 2nd quarter. First Trust Advisors LP now owns 59,223 shares of the software maker’s stock worth $527,000 after acquiring an additional 27,202 shares during the last quarter. Institutional investors and hedge funds own 45.96% of the company’s stock.

About Mitek Systems

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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