Mitek Systems (NASDAQ:MITK) Stock Crosses Above 200 Day Moving Average – What’s Next?

Mitek Systems, Inc. (NASDAQ:MITK) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $14.57 and traded as high as $17.16. Mitek Systems shares last traded at $15.91, with a volume of 1,334,978 shares changing hands.

Analyst Ratings Changes

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

Mitek Systems Trading Down 7.3%

The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $718.50 million, a PE ratio of 45.46 and a beta of 0.97. The business’s 50-day moving average is $17.40 and its two-hundred day moving average is $14.57.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, May 7th. The software maker reported $0.38 EPS for the quarter, beating 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 business had revenue of $54.84 million for the quarter, compared to analysts’ expectations of $52.59 million. On average, analysts anticipate that Mitek Systems, Inc. will post 0.86 earnings per share for the current fiscal year.

Insider Transactions at Mitek Systems

In other Mitek Systems news, COO Garrett Gafke sold 152,529 shares of Mitek Systems stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total value of $2,123,203.68. Following the transaction, the chief operating officer directly owned 265,387 shares in the company, valued at approximately $3,694,187.04. The trade was a 36.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Mitek Systems

Several large investors have recently modified their holdings of the stock. Mak Capital One LLC acquired a new stake in shares of Mitek Systems during the fourth quarter worth $6,690,000. Topline Capital Management LLC acquired a new stake in Mitek Systems in the second quarter valued at about $5,235,000. Congruence Capital LLC acquired a new position in Mitek Systems during the 4th quarter worth approximately $4,106,000. Tudor Investment Corp ET AL raised its stake in shares of Mitek Systems by 1,026.3% during the 3rd quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock worth $2,255,000 after buying an additional 210,352 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Mitek Systems by 109.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 395,956 shares of the software maker’s stock valued at $4,177,000 after buying an additional 206,593 shares during the period. Hedge funds and other institutional investors 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.