Mitek Systems (NASDAQ:MITK) Shares Pass 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 Monday . The stock has a two hundred day moving average of $13.14 and traded as high as $17.90. Mitek Systems shares last traded at $17.31, with a volume of 1,138,046 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MITK shares. Zacks Research downgraded Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Wall Street Zen downgraded Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. Northland Securities set a $17.00 price objective on Mitek Systems in a 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 investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $16.00.

Mitek Systems Price Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 2.61 and a quick ratio of 2.61. The business’s fifty day moving average price is $15.42 and its 200-day moving average price is $13.14. The stock has a market capitalization of $781.72 million, a price-to-earnings ratio of 49.46 and a beta of 1.01.

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

Insider Activity at Mitek Systems

In other news, COO Garrett Gafke sold 21,108 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $14.19, for a total value of $299,522.52. Following the completion of the sale, the chief operating officer directly owned 244,279 shares of the company’s stock, valued at $3,466,319.01. This represents a 7.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mitek Systems

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Mitek Systems by 5.6% in the 3rd quarter. Vanguard Group Inc. now owns 3,717,031 shares of the software maker’s stock valued at $36,315,000 after buying an additional 198,068 shares during the last quarter. Invesco Ltd. lifted its position in shares of Mitek Systems by 0.5% during the fourth quarter. Invesco Ltd. now owns 1,919,576 shares of the software maker’s stock valued at $20,252,000 after purchasing an additional 10,105 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Mitek Systems by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,685,657 shares of the software maker’s stock valued at $22,756,000 after purchasing an additional 29,997 shares in the last quarter. Impax Asset Management Group plc boosted its holdings in Mitek Systems by 8.4% during the fourth quarter. Impax Asset Management Group plc now owns 1,295,000 shares of the software maker’s stock worth $13,662,000 after purchasing an additional 100,000 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Mitek Systems by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,262,658 shares of the software maker’s stock worth $13,323,000 after purchasing an additional 9,921 shares in the last quarter. Institutional investors 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.