Mitek Systems (NASDAQ:MITK) Sees Large Volume Increase After Analyst Upgrade

Mitek Systems, Inc. (NASDAQ:MITK) saw an uptick in trading volume on Wednesday after Craig Hallum raised their price target on the stock from $17.00 to $19.00. Craig Hallum currently has a buy rating on the stock. 259,181 shares were traded during mid-day trading, a decline of 43% from the previous session’s volume of 452,101 shares.The stock last traded at $13.11 and had previously closed at $13.39.

MITK has been the subject of several other research reports. StockNews.com cut shares of Mitek Systems from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. HC Wainwright reiterated a “buy” rating and issued a $19.00 price objective on shares of Mitek Systems in a report on Tuesday.

Institutional Trading of Mitek Systems

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in shares of Mitek Systems by 4.6% in the 2nd quarter. BlackRock Inc. now owns 3,503,309 shares of the software maker’s stock valued at $37,976,000 after acquiring an additional 153,649 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Mitek Systems by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 3,379,226 shares of the software maker’s stock valued at $44,065,000 after acquiring an additional 92,146 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Mitek Systems by 6.8% in the 4th quarter. Legal & General Group Plc now owns 3,045,287 shares of the software maker’s stock valued at $39,711,000 after acquiring an additional 193,443 shares in the last quarter. Blue Grotto Capital LLC lifted its position in shares of Mitek Systems by 14.6% in the 1st quarter. Blue Grotto Capital LLC now owns 2,614,842 shares of the software maker’s stock valued at $38,359,000 after acquiring an additional 333,966 shares in the last quarter. Finally, Toronado Partners LLC lifted its position in shares of Mitek Systems by 6.7% in the 1st quarter. Toronado Partners LLC now owns 2,606,759 shares of the software maker’s stock valued at $38,241,000 after acquiring an additional 164,284 shares in the last quarter. 83.64% of the stock is currently owned by institutional investors.

Mitek Systems Price Performance

The company’s 50-day moving average is $12.71 and its 200 day moving average is $11.95. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.69 and a quick ratio of 3.69.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Tuesday, March 19th. The software maker reported $0.10 earnings per share for the quarter. The business had revenue of $37.66 million for the quarter. Mitek Systems had a net margin of 4.25% and a return on equity of 17.83%. On average, research analysts expect that Mitek Systems, Inc. will post 0.82 earnings per share for the current year.

Mitek Systems Company Profile

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.