Mitek Systems (MITK) Lowered to Strong Sell at BidaskClub

Mitek Systems (NASDAQ:MITK) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Friday.

Separately, Zacks Investment Research cut shares of Mitek Systems from a “hold” rating to a “sell” rating in a research note on Thursday, December 21st. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $10.80.

Mitek Systems (MITK) traded down $0.55 during mid-day trading on Friday, reaching $8.30. 907,797 shares of the company’s stock were exchanged, compared to its average volume of 326,119. Mitek Systems has a fifty-two week low of $5.50 and a fifty-two week high of $10.75. The stock has a market cap of $270.69, a PE ratio of 21.84, a PEG ratio of 4.43 and a beta of 0.66.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, January 25th. The software maker reported $0.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. Mitek Systems had a net margin of 18.57% and a return on equity of 10.50%. The business had revenue of $12.14 million during the quarter, compared to analysts’ expectations of $11.57 million. During the same quarter in the previous year, the company earned $0.03 EPS. The business’s quarterly revenue was up 31.0% compared to the same quarter last year. analysts anticipate that Mitek Systems will post 0.13 earnings per share for the current year.

In other news, Director Bruce Edward Hansen sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $9.16, for a total value of $458,000.00. Following the completion of the sale, the director now directly owns 61,600 shares in the company, valued at approximately $564,256. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael E. Diamond sold 4,854 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $8.60, for a total transaction of $41,744.40. Following the completion of the sale, the insider now owns 167,499 shares of the company’s stock, valued at $1,440,491.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 234,303 shares of company stock valued at $2,065,223. Company insiders own 8.52% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. TIAA CREF Investment Management LLC lifted 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 last quarter. The Manufacturers Life Insurance Company lifted 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 last quarter. Rhumbline Advisers lifted its holdings in shares of Mitek Systems by 6.1% in the 2nd quarter. Rhumbline Advisers now owns 33,626 shares of the software maker’s stock worth $282,000 after acquiring an additional 1,927 shares during the last quarter. Voya Investment Management LLC lifted its holdings in shares of Mitek Systems by 20.0% in the 2nd quarter. Voya Investment Management LLC now owns 17,451 shares of the software maker’s stock worth $147,000 after acquiring an additional 2,906 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Mitek Systems by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 102,100 shares of the software maker’s stock worth $857,000 after acquiring an additional 2,982 shares during the last quarter. Hedge funds and other institutional investors own 43.75% of the company’s stock.

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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 their camera-equipped smartphones and tablets instead of using the device keyboard.

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