Mitek Systems (NASDAQ:MITK) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Mitek Systems, Inc. (NASDAQ:MITK) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $10.74 and traded as high as $13.52. Mitek Systems shares last traded at $13.10, with a volume of 830,650 shares traded.

Wall Street Analyst Weigh In

Several research analysts have commented on MITK shares. Zacks Research upgraded shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mitek Systems in a report on Monday, December 29th. Jefferies Financial Group upgraded Mitek Systems from a “hold” rating to a “buy” rating and lifted their price target for the company from $11.00 to $15.00 in a research note on Friday, February 13th. Finally, Wall Street Zen raised Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Mitek Systems currently has a consensus rating of “Buy” and a consensus target price of $15.00.

Mitek Systems Trading Down 4.4%

The stock’s 50-day moving average is $12.74 and its 200-day moving average is $10.74. The firm has a market capitalization of $593.69 million, a price-to-earnings ratio of 37.43 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK) last issued its earnings results on Thursday, February 5th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $44.24 million for the quarter, compared to analyst estimates of $42.44 million. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. On average, equities research analysts anticipate that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Mitek Systems

Several hedge funds have recently modified their holdings of the company. Inspire Investing LLC bought a new stake in Mitek Systems during the 3rd quarter worth $1,005,000. Principal Financial Group Inc. raised its position in Mitek Systems by 124.5% in the third quarter. Principal Financial Group Inc. now owns 68,944 shares of the software maker’s stock valued at $674,000 after purchasing an additional 38,237 shares during the last quarter. Topline Capital Management LLC boosted its stake in shares of Mitek Systems by 99.6% during the third quarter. Topline Capital Management LLC now owns 1,055,608 shares of the software maker’s stock valued at $10,313,000 after purchasing an additional 526,842 shares in the last quarter. Skylands Capital LLC boosted its stake in shares of Mitek Systems by 140.0% during the third quarter. Skylands Capital LLC now owns 225,296 shares of the software maker’s stock valued at $2,201,000 after purchasing an additional 131,421 shares in the last quarter. Finally, Teton Advisors LLC bought a new stake in shares of Mitek Systems during the third quarter worth about $918,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

Mitek Systems Company Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.