Mitek Systems (NASDAQ:MITK) Rating Lowered to Hold at StockNews.com

Mitek Systems (NASDAQ:MITK) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Thursday.

Several other brokerages have also recently commented on MITK. Jefferies Financial Group cut shares of Mitek Systems from a “buy” rating to a “hold” rating and lowered their price target for the stock from $17.00 to $9.50 in a research report on Wednesday, September 4th. Maxim Group lowered their price target on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Craig Hallum lowered their price target on shares of Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, HC Wainwright decreased their price objective on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating for the company in a report on Monday, August 12th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.13.

Mitek Systems Trading Down 0.2 %

Shares of NASDAQ:MITK traded down $0.02 during trading on Thursday, hitting $9.30. 258,672 shares of the company’s stock were exchanged, compared to its average volume of 542,168. Mitek Systems has a 1-year low of $7.35 and a 1-year high of $16.24. The firm has a 50-day moving average price of $8.89 and a two-hundred day moving average price of $10.30. The company has a current ratio of 4.46, a quick ratio of 4.46 and a debt-to-equity ratio of 0.68. The firm has a market cap of $429.66 million, a P/E ratio of -62.00 and a beta of 1.07.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. nVerses Capital LLC grew its holdings in Mitek Systems by 25.5% during the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock valued at $55,000 after purchasing an additional 1,300 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Mitek Systems by 6.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,027 shares of the software maker’s stock valued at $438,000 after buying an additional 1,759 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Mitek Systems by 12.0% in the second quarter. The Manufacturers Life Insurance Company now owns 17,937 shares of the software maker’s stock valued at $201,000 after buying an additional 1,923 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Mitek Systems by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock valued at $1,134,000 after buying an additional 2,460 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of Mitek Systems by 4.0% in the third quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock valued at $640,000 after buying an additional 2,806 shares during the period. Institutional investors and hedge funds own 83.64% of the company’s stock.

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.