Mitek Systems (NASDAQ:MITK) Reaches New 12-Month High – Still a Buy?

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price reached a new 52-week high on Friday . The company traded as high as $18.15 and last traded at $18.0650, with a volume of 143657 shares trading hands. The stock had previously closed at $17.65.

Wall Street Analyst Weigh In

Several analysts have issued reports on MITK shares. Northland Securities set a $17.00 price objective on Mitek Systems in a report on Wednesday, April 15th. Wall Street Zen cut shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Finally, Zacks Research downgraded shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $16.00.

Mitek Systems Price Performance

The company has a market cap of $874.48 million, a PE ratio of 55.33 and a beta of 1.02. The stock has a fifty day moving average price of $15.71 and a 200-day moving average price of $13.35. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.61 and a quick ratio of 2.61.

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

Insider Buying and Selling

In other Mitek Systems news, COO Garrett Gafke sold 21,108 shares of Mitek Systems stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $14.19, for a total transaction of $299,522.52. Following the transaction, the chief operating officer owned 244,279 shares of the company’s stock, valued at $3,466,319.01. The trade was a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Mitek Systems

A number of large investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its holdings in shares of Mitek Systems by 320.3% during the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock worth $60,000 after purchasing an additional 4,586 shares during the period. State of Alaska Department of Revenue increased its stake in Mitek Systems by 305.2% in the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock valued at $85,000 after buying an additional 6,082 shares during the period. Russell Investments Group Ltd. increased its stake in Mitek Systems by 4,147.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after buying an additional 9,706 shares during the period. AXQ Capital LP purchased a new stake in Mitek Systems in the 4th quarter worth approximately $117,000. Finally, Bayesian Capital Management LP purchased a new stake in Mitek Systems in the 2nd quarter worth approximately $136,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

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.