Mitek Systems, Inc. (MITK) Stock Rating Reaffirmed by Northland Securities
Mitek Systems, Inc. (NASDAQ:MITK)‘s stock had its “buy” rating reaffirmed by equities researchers at Northland Securities in a research note issued to investors on Tuesday. They currently have a $11.00 price objective on the software maker’s stock. Northland Securities’ price objective would indicate a potential upside of 6.80% from the stock’s previous close.
A number of other equities analysts also recently issued reports on MITK. Roth Capital set a $9.00 price target on shares of Mitek Systems and gave the company a “buy” rating in a report on Monday, April 24th. TheStreet upgraded shares of Mitek Systems from a “c+” rating to a “b” rating in a report on Friday, April 28th. ValuEngine upgraded shares of Mitek Systems from a “sell” rating to a “hold” rating in a report on Saturday, June 3rd. Zacks Investment Research upgraded shares of Mitek Systems from a “sell” rating to a “hold” rating in a report on Thursday, June 15th. Finally, BidaskClub upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Mitek Systems presently has a consensus rating of “Buy” and an average price target of $10.50.
Mitek Systems (MITK) traded up 1.98% during mid-day trading on Tuesday, hitting $10.30. 393,161 shares of the stock were exchanged. The company has a 50-day moving average price of $8.88 and a 200-day moving average price of $7.44. Mitek Systems has a one year low of $5.26 and a one year high of $10.62. The company has a market cap of $343.74 million, a P/E ratio of 149.28 and a beta of 0.66.
Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Friday, April 28th. The software maker reported $0.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.02. The business had revenue of $11.40 million during the quarter, compared to the consensus estimate of $10.33 million. Mitek Systems had a net margin of 5.85% and a return on equity of 11.64%. The business’s revenue was up 33.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.07 EPS. Analysts forecast that Mitek Systems will post $0.29 earnings per share for the current fiscal year.
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In other Mitek Systems news, CFO Russell C. Clark sold 39,400 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $8.25, for a total transaction of $325,050.00. Following the completion of the transaction, the chief financial officer now directly owns 88,818 shares in the company, valued at approximately $732,748.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Gray sold 7,789 shares of the firm’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $8.20, for a total transaction of $63,869.80. Following the transaction, the insider now owns 87,211 shares of the company’s stock, valued at $715,130.20. The disclosure for this sale can be found here. Insiders have sold a total of 49,869 shares of company stock valued at $411,834 over the last 90 days. 8.52% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased 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 buying an additional 99,489 shares during the period. Wells Fargo & Company MN increased its position in Mitek Systems by 1.4% in the first quarter. Wells Fargo & Company MN now owns 1,082,949 shares of the software maker’s stock valued at $7,202,000 after buying an additional 15,188 shares during the period. Thomson Horstmann & Bryant Inc. increased its position in Mitek Systems by 11.4% in the second quarter. Thomson Horstmann & Bryant Inc. now owns 649,330 shares of the software maker’s stock valued at $5,454,000 after buying an additional 66,688 shares during the period. Skylands Capital LLC increased its position in Mitek Systems by 55.6% in the first quarter. Skylands Capital LLC now owns 588,700 shares of the software maker’s stock valued at $3,915,000 after buying an additional 210,332 shares during the period. Finally, S Squared Technology LLC increased its position in Mitek Systems by 7.5% in the first quarter. S Squared Technology LLC now owns 418,918 shares of the software maker’s stock valued at $2,786,000 after buying an additional 29,200 shares during the period. Hedge funds and other institutional investors own 39.13% of the company’s stock.
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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