Mitek Systems, Inc. (MITK) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Mitek Systems, Inc. (NASDAQ:MITK) have earned a consensus recommendation of “Buy” from the nine research firms that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $10.60.
Several equities analysts have issued reports on MITK shares. Benchmark Co. boosted their target price on Mitek Systems from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Monday, July 24th. BidaskClub upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Zacks Investment Research cut Mitek Systems from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. Northland Securities reiterated a “buy” rating and set a $11.00 target price on shares of Mitek Systems in a research report on Tuesday, July 25th. Finally, Roth Capital set a $11.00 target price on Mitek Systems and gave the stock a “buy” rating in a research report on Wednesday, July 19th.
COPYRIGHT VIOLATION NOTICE: “Mitek Systems, Inc. (MITK) Receives Consensus Recommendation of “Buy” from Analysts” was first posted by American Banking News and is owned by of American Banking News. If you are accessing this piece of content on another domain, it was illegally stolen and republished in violation of U.S. and international trademark and copyright law. The legal version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/10/18/mitek-systems-inc-mitk-receives-consensus-recommendation-of-buy-from-analysts.html.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE grew its holdings in shares of Mitek Systems by 2.1% in the 1st quarter. Bank of America Corp DE now owns 23,382 shares of the software maker’s stock worth $156,000 after acquiring an additional 490 shares during the period. Renaissance Group LLC grew its holdings in shares of Mitek Systems by 1.2% in the 2nd quarter. Renaissance Group LLC now owns 54,110 shares of the software maker’s stock worth $455,000 after acquiring an additional 620 shares during the period. American International Group Inc. grew its holdings in shares of Mitek Systems by 7.1% in the 1st quarter. American International Group Inc. now owns 18,128 shares of the software maker’s stock worth $121,000 after acquiring an additional 1,197 shares during the period. TIAA CREF Investment Management LLC grew its holdings in shares of Mitek Systems by 1.3% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 123,759 shares of the software maker’s stock worth $1,040,000 after acquiring an additional 1,624 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Mitek Systems by 7.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,541 shares of the software maker’s stock worth $214,000 after acquiring an additional 1,854 shares during the period. Institutional investors and hedge funds own 42.68% of the company’s stock.
Mitek Systems (MITK) traded up 1.56% during mid-day trading on Wednesday, reaching $9.75. The company had a trading volume of 126,072 shares. Mitek Systems has a 12 month low of $5.26 and a 12 month high of $10.75. The firm’s 50 day moving average price is $9.74 and its 200-day moving average price is $8.98. The company has a market capitalization of $327.45 million, a price-to-earnings ratio of 165.25 and a beta of 0.73.
Mitek Systems (NASDAQ:MITK) last released its earnings results on Thursday, July 27th. The software maker reported $0.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.02. Mitek Systems had a return on equity of 10.45% and a net margin of 5.19%. The company had revenue of $11.80 million for the quarter, compared to analysts’ expectations of $11.48 million. During the same quarter in the previous year, the firm posted $0.07 EPS. The firm’s quarterly revenue was up 29.7% on a year-over-year basis. Equities research analysts anticipate that Mitek Systems will post $0.28 earnings per share for the current year.
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.
Receive News & Ratings for Mitek Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mitek Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.