Zacks Investment Research upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a report issued on Tuesday. They currently have $11.00 price target on the software maker’s stock.
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. “
A number of other research firms have also recently commented on MITK. National Securities set a $18.00 price target on Mitek Systems and gave the stock a buy rating in a report on Friday, November 2nd. BidaskClub raised Mitek Systems from a hold rating to a buy rating in a report on Tuesday. ValuEngine raised Mitek Systems from a hold rating to a buy rating in a report on Thursday, October 18th. Benchmark cut Mitek Systems from a buy rating to a hold rating and set a $8.00 price objective on the stock. in a report on Tuesday, August 28th. Finally, TheStreet cut Mitek Systems from a b rating to a c+ rating in a report on Friday, July 27th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $12.33.
NASDAQ MITK traded up $0.04 during trading hours on Tuesday, reaching $9.54. The company’s stock had a trading volume of 2,550 shares, compared to its average volume of 552,439. Mitek Systems has a 1 year low of $6.32 and a 1 year high of $10.10. The stock has a market cap of $363.61 million, a PE ratio of 73.31, a P/E/G ratio of 3.56 and a beta of -0.26.
Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, November 1st. The software maker reported $0.14 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.05. Mitek Systems had a positive return on equity of 5.75% and a negative net margin of 18.58%. The company had revenue of $21.00 million for the quarter, compared to analysts’ expectations of $20.09 million. During the same period in the previous year, the firm earned $0.11 EPS. The firm’s revenue was up 62.8% compared to the same quarter last year. As a group, sell-side analysts predict that Mitek Systems will post 0.18 earnings per share for the current fiscal year.
In other news, Director James C. Hale III acquired 20,000 shares of the firm’s stock in a transaction dated Friday, August 31st. The shares were acquired at an average cost of $7.17 per share, with a total value of $143,400.00. Following the acquisition, the director now directly owns 111,135 shares of the company’s stock, valued at $796,837.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO James B. Debello sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $8.54, for a total value of $427,000.00. The disclosure for this sale can be found here. 7.50% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Mitek Systems by 12.9% during the 2nd quarter. BlackRock Inc. now owns 2,190,650 shares of the software maker’s stock valued at $19,497,000 after purchasing an additional 250,585 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Mitek Systems by 4.6% during the 2nd quarter. Wells Fargo & Company MN now owns 1,359,255 shares of the software maker’s stock valued at $12,098,000 after purchasing an additional 59,360 shares during the last quarter. Unterberg Capital LLC increased its position in shares of Mitek Systems by 2.4% during the 3rd quarter. Unterberg Capital LLC now owns 650,000 shares of the software maker’s stock valued at $4,583,000 after purchasing an additional 15,000 shares during the last quarter. P.A.W. Capital Corp increased its position in shares of Mitek Systems by 8.2% during the 3rd quarter. P.A.W. Capital Corp now owns 460,000 shares of the software maker’s stock valued at $3,243,000 after purchasing an additional 35,000 shares during the last quarter. Finally, Essex Investment Management Co. LLC increased its position in shares of Mitek Systems by 17.4% during the 3rd quarter. Essex Investment Management Co. LLC now owns 406,784 shares of the software maker’s stock valued at $2,868,000 after purchasing an additional 60,230 shares during the last quarter. 45.93% of the stock is currently owned by hedge funds and other institutional investors.
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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