Mitek Systems (NASDAQ:MITK) Shares Break Above Two Hundred Day Moving Average After Analyst Downgrade

Mitek Systems, Inc. (NASDAQ:MITK) shares passed above its 200-day moving average during trading on Wednesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock has a 200-day moving average of $16.71 and traded as high as $17.50. Mitek Systems shares last traded at $17.46, with a volume of 536,440 shares trading hands.

Several other research analysts have also recently commented on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Mitek Systems in a research report on Friday, August 7th. Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Maxim Group set a $26.00 target price on Mitek Systems in a research report on Friday, August 7th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $19.33.

Hedge Funds Weigh In On Mitek Systems

Several institutional investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC bought a new stake in shares of Mitek Systems during the 2nd quarter worth about $42,000. Squarepoint Ops LLC raised its stake in shares of Mitek Systems by 97.0% in the 2nd quarter. Squarepoint Ops LLC now owns 137,963 shares of the software maker’s stock valued at $2,777,000 after acquiring an additional 67,930 shares in the last quarter. Corient Private Wealth LP acquired a new stake in Mitek Systems in the 2nd quarter worth approximately $668,000. Wellington Management Group LLP lifted its holdings in Mitek Systems by 47.0% in the 2nd quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker’s stock worth $35,834,000 after purchasing an additional 569,379 shares during the last quarter. Finally, Globeflex Capital L P bought a new stake in Mitek Systems during the second quarter worth approximately $642,000. 83.64% of the stock is currently owned by institutional investors.

Mitek Systems Stock Up 3.7%

The stock has a market cap of $798.62 million, a P/E ratio of 37.66 and a beta of 0.94. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.19. The business has a 50-day simple moving average of $17.87 and a 200-day simple moving average of $16.73.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.06. The business had revenue of $54.04 million during the quarter, compared to the consensus estimate of $50.82 million. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. Analysts expect that Mitek Systems, Inc. will post 0.91 EPS for the current year.

Mitek Systems Company Profile

Mitek Systems, Inc develops software for digital identity verification, fraud prevention and mobile banking. Its technology enables organizations to capture, authenticate and process information from checks, identity documents and other sources through smartphones and digital channels.

The company’s products include Mobile Deposit, which allows consumers to deposit checks remotely, as well as identity-verification and document-authentication solutions designed to support account opening, customer onboarding and ongoing access to digital services.