Mitek Systems (NASDAQ:MITK) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Mitek Systems, Inc. (NASDAQ:MITK)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.69 and traded as high as $16.30. Mitek Systems shares last traded at $16.01, with a volume of 1,420,677 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wall Street Zen cut Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and lifted their price objective for the company from $11.00 to $15.00 in a research report on Friday, February 13th. Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Northland Securities set a $17.00 price objective on Mitek Systems in a research report on Wednesday, April 15th. Finally, Weiss Ratings raised Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Mitek Systems presently has a consensus rating of “Hold” and a consensus price target of $16.00.

Mitek Systems Stock Up 3.4%

The company’s fifty day moving average price is $14.93 and its 200-day moving average price is $12.69. The stock has a market capitalization of $723.01 million, a PE ratio of 45.74 and a beta of 1.02. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.12. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. The firm had revenue of $54.84 million during the quarter, compared to analyst estimates of $52.59 million. Analysts forecast that Mitek Systems, Inc. will post 0.86 earnings per share for the current year.

Insider Activity

In other news, COO Garrett Gafke sold 152,529 shares of Mitek Systems stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total transaction of $2,123,203.68. Following the completion of the transaction, the chief operating officer directly owned 265,387 shares in the company, valued at approximately $3,694,187.04. This trade represents a 36.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Mitek Systems

Large investors have recently made changes to their positions in the business. Topline Capital Management LLC lifted its holdings 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 during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Mitek Systems by 124.5% during 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. Tudor Investment Corp ET AL lifted its holdings in shares of Mitek Systems by 1,026.3% during the third quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock valued at $2,255,000 after purchasing an additional 210,352 shares during the last quarter. Skylands Capital LLC lifted its holdings 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 during the last quarter. Finally, Teton Advisors LLC purchased a new position in Mitek Systems in the 3rd quarter worth approximately $918,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

About Mitek Systems

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.