Mitek Systems Inc. (MITK) Rating Lowered to Hold at Zacks Investment Research
Mitek Systems Inc. (NASDAQ:MITK) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday.
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 equities research analysts have also recently commented on the stock. Roth Capital reissued a “buy” rating and set a $9.75 target price on shares of Mitek Systems in a report on Thursday, June 2nd. Needham & Company LLC raised shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 target price on the stock in a report on Monday, July 11th. Finally, TheStreet raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, April 29th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $8.63.
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Shares of Mitek Systems (NASDAQ:MITK) traded up 0.56% during midday trading on Tuesday, hitting $7.24. The company’s stock had a trading volume of 201,986 shares. The firm has a market cap of $236.94 million, a P/E ratio of 122.71 and a beta of 2.23. The stock’s 50 day moving average is $8.01 and its 200-day moving average is $7.64. Mitek Systems has a 52-week low of $3.10 and a 52-week high of $9.49.
Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. The company had revenue of $9.10 million for the quarter, compared to analysts’ expectations of $8.31 million. Mitek Systems had a net margin of 5.94% and a return on equity of 14.96%. Mitek Systems’s revenue was up 41.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. Equities analysts predict that Mitek Systems will post $0.25 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC raised its position in Mitek Systems by 79.7% in the second quarter. Acrospire Investment Management LLC now owns 14,243 shares of the company’s stock worth $101,000 after buying an additional 6,317 shares during the period. Prescott Group Capital Management L.L.C. purchased a new position in Mitek Systems during the second quarter worth approximately $107,000. BlackRock Inc. purchased a new position in Mitek Systems during the second quarter worth approximately $121,000. American International Group Inc. raised its position in Mitek Systems by 49.2% in the second quarter. American International Group Inc. now owns 16,949 shares of the company’s stock worth $121,000 after buying an additional 5,587 shares during the period. Finally, Advisor Group Inc. purchased a new position in Mitek Systems during the second quarter worth approximately $122,000. Hedge funds and other institutional investors own 45.36% of the company’s stock.
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 camera-equipped smartphones and tablets instead of using the device keyboard.
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