Mitek Systems (NASDAQ:MITK) Stock Passes Above Two Hundred Day Moving Average – Here’s What Happened

Mitek Systems, Inc. (NASDAQ:MITK)’s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $9.86 and traded as high as $10.80. Mitek Systems shares last traded at $10.79, with a volume of 531,339 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. HC Wainwright increased their price objective on shares of Mitek Systems from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. StockNews.com upgraded shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 25th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $12.63.

Mitek Systems Trading Down 4.4 %

The stock has a market cap of $444.27 million, a PE ratio of -68.73 and a beta of 1.06. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. The business has a 50-day moving average of $9.84 and a 200 day moving average of $9.86.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Monday, December 16th. The software maker reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.16. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. The business had revenue of $43.22 million during the quarter, compared to analyst estimates of $41.30 million. During the same quarter in the previous year, the business posted $0.15 earnings per share. The company’s revenue was up 14.8% on a year-over-year basis. Equities research analysts predict that Mitek Systems, Inc. will post 0.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other Mitek Systems news, insider Michael E. Diamond sold 4,544 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total transaction of $41,304.96. Following the transaction, the insider now owns 166,632 shares of the company’s stock, valued at $1,514,684.88. This trade represents a 2.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the completion of the transaction, the insider now owns 164,342 shares in the company, valued at approximately $1,490,581.94. This trade represents a 3.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,699 shares of company stock valued at $152,140 in the last quarter. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mitek Systems

Large investors have recently modified their holdings of the company. nVerses Capital LLC boosted its position in Mitek Systems by 25.5% during the 3rd quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after purchasing an additional 1,300 shares during the period. Avior Wealth Management LLC acquired a new stake in shares of Mitek Systems in the third quarter valued at about $60,000. Intech Investment Management LLC purchased a new stake in shares of Mitek Systems during the 3rd quarter valued at about $117,000. Squarepoint Ops LLC acquired a new position in Mitek Systems during the 2nd quarter worth approximately $138,000. Finally, SG Americas Securities LLC purchased a new position in Mitek Systems in the 3rd quarter worth approximately $148,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.