Mitek Systems, Inc. (NASDAQ:MITK) has earned a consensus rating of “Buy” from the six research firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $15.00.
A number of brokerages recently issued reports on MITK. BidaskClub downgraded Mitek Systems from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 18th. Benchmark reiterated a “buy” rating and set a $14.00 price objective (down from $15.00) on shares of Mitek Systems in a research note on Thursday, May 2nd. Finally, National Securities reiterated a “buy” rating and set a $20.00 price objective on shares of Mitek Systems in a research note on Thursday, May 2nd.
In other Mitek Systems news, insider Michael E. Diamond sold 38,587 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $11.00, for a total value of $424,457.00. Following the completion of the transaction, the insider now directly owns 221,477 shares in the company, valued at approximately $2,436,247. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jeffrey C. Davison sold 13,077 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $9.55, for a total value of $124,885.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 58,809 shares of company stock valued at $632,224. 8.20% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. BNP Paribas Arbitrage SA boosted its stake in Mitek Systems by 30,452.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 7,027 shares of the software maker’s stock worth $86,000 after purchasing an additional 7,004 shares during the period. Quantamental Technologies LLC bought a new position in Mitek Systems in the 1st quarter worth approximately $87,000. Harvest Management LLC bought a new position in Mitek Systems in the 4th quarter worth approximately $108,000. Metropolitan Life Insurance Co. NY bought a new position in Mitek Systems in the 4th quarter worth approximately $119,000. Finally, Wedbush Securities Inc. bought a new position in Mitek Systems in the 1st quarter worth approximately $122,000. Institutional investors and hedge funds own 57.51% of the company’s stock.
Shares of NASDAQ:MITK traded up $0.13 during mid-day trading on Monday, reaching $9.94. 657,416 shares of the company traded hands, compared to its average volume of 427,452. The stock’s 50 day simple moving average is $9.89. The company has a market capitalization of $379.99 million, a price-to-earnings ratio of 76.46, a PEG ratio of 4.46 and a beta of -0.18. Mitek Systems has a 52 week low of $6.32 and a 52 week high of $13.07.
Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Wednesday, May 1st. The software maker reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. The company had revenue of $19.98 million during the quarter, compared to the consensus estimate of $19.20 million. Mitek Systems had a positive return on equity of 4.43% and a negative net margin of 11.79%. The firm’s revenue was up 39.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.06 EPS. On average, sell-side analysts forecast that Mitek Systems will post 0.15 earnings per share for the current fiscal year.
Mitek Systems Company Profile
Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.
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