Insider Selling: Mitek Systems, Inc. (NASDAQ:MITK) SVP Sells 24,000 Shares of Stock

Mitek Systems, Inc. (NASDAQ:MITK) SVP Christopher H. Briggs sold 24,000 shares of Mitek Systems stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $11.10, for a total value of $266,400.00. Following the transaction, the senior vice president now directly owns 68,673 shares in the company, valued at approximately $762,270.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Mitek Systems Stock Performance

Mitek Systems stock traded down $0.45 during trading hours on Friday, reaching $10.88. 872,918 shares of the stock were exchanged, compared to its average volume of 524,260. Mitek Systems, Inc. has a 52-week low of $9.47 and a 52-week high of $16.24. The stock has a market cap of $509.08 million, a P/E ratio of -70.81 and a beta of 1.07. The company has a debt-to-equity ratio of 0.65, a quick ratio of 4.27 and a current ratio of 4.27. The firm’s 50 day moving average is $13.01 and its 200 day moving average is $12.55.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Monday, May 13th. The software maker reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.04). Mitek Systems had a negative net margin of 4.49% and a positive return on equity of 11.71%. The firm had revenue of $46.97 million during the quarter, compared to analyst estimates of $46.49 million. Analysts predict that Mitek Systems, Inc. will post 0.73 EPS for the current fiscal year.

Institutional Trading of Mitek Systems

Institutional investors have recently modified their holdings of the business. Covestor Ltd lifted its holdings in Mitek Systems by 32.3% in the third quarter. Covestor Ltd now owns 6,107 shares of the software maker’s stock valued at $65,000 after acquiring an additional 1,492 shares during the period. Thompson Davis & CO. Inc. acquired a new stake in shares of Mitek Systems in the first quarter valued at about $172,000. Principal Financial Group Inc. lifted its stake in shares of Mitek Systems by 30.1% in the third quarter. Principal Financial Group Inc. now owns 17,136 shares of the software maker’s stock valued at $184,000 after purchasing an additional 3,960 shares during the period. New York State Common Retirement Fund boosted its holdings in Mitek Systems by 60.3% during the fourth quarter. New York State Common Retirement Fund now owns 21,077 shares of the software maker’s stock worth $275,000 after buying an additional 7,929 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Mitek Systems by 13.4% in the first quarter. Assenagon Asset Management S.A. now owns 20,738 shares of the software maker’s stock valued at $292,000 after buying an additional 2,457 shares in the last quarter. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. StockNews.com cut shares of Mitek Systems from a “buy” rating to a “hold” rating in a report on Monday, May 20th. Craig Hallum upped their target price on shares of Mitek Systems from $17.00 to $19.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Finally, HC Wainwright reissued a “buy” rating and set a $19.00 price target on shares of Mitek Systems in a report on Tuesday, May 14th.

About Mitek Systems

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.