Mitek Systems, Inc. (MITK) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Mitek Systems, Inc. (NASDAQ:MITK) from a hold rating to a sell rating in a research note released on Friday.
According to Zacks, “Mitek Systems, Inc. is primarily engaged in the development and sale of software products with particular focus on intelligent character recognition and forms processing technology, products and services for the document imaging markets. They develop, market and support what they believe to be the most accurate Automated Document Recognition (ADR) products commercially available for the recognition of hand printed characters. “
MITK has been the topic of a number of other research reports. BidaskClub upgraded Mitek Systems from a hold rating to a buy rating in a research note on Friday, August 25th. Roth Capital set a $12.00 price target on Mitek Systems and gave the stock a buy rating in a research note on Friday, July 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $10.67.
Mitek Systems (NASDAQ:MITK) opened at $9.65 on Friday. The stock has a market capitalization of $324.10, a P/E ratio of 64.33, a P/E/G ratio of 4.83 and a beta of 0.69. Mitek Systems has a 12 month low of $5.35 and a 12 month high of $10.75.
Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Tuesday, November 7th. The software maker reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $12.90 million for the quarter, compared to the consensus estimate of $12.35 million. Mitek Systems had a return on equity of 12.72% and a net margin of 31.05%. The firm’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 EPS. analysts forecast that Mitek Systems will post 0.13 earnings per share for the current year.
In other Mitek Systems news, CEO James B. Debello sold 33,903 shares of Mitek Systems stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $8.56, for a total value of $290,209.68. Following the transaction, the chief executive officer now directly owns 962,229 shares in the company, valued at approximately $8,236,680.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael E. Diamond sold 4,854 shares of Mitek Systems stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $8.60, for a total value of $41,744.40. Following the completion of the transaction, the insider now owns 167,499 shares in the company, valued at $1,440,491.40. The disclosure for this sale can be found here. Insiders sold a total of 140,703 shares of company stock worth $1,242,004 over the last quarter. Company insiders own 8.52% of the company’s stock.
Several hedge funds have recently made changes to their positions in MITK. Independent Advisor Alliance purchased a new position in shares of Mitek Systems in the 3rd quarter valued at approximately $4,185,000. Archon Capital Management LLC grew its stake in shares of Mitek Systems by 70.4% in the 2nd quarter. Archon Capital Management LLC now owns 858,922 shares of the software maker’s stock valued at $7,215,000 after purchasing an additional 354,952 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Mitek Systems by 3,097.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 365,585 shares of the software maker’s stock valued at $2,431,000 after purchasing an additional 354,150 shares during the last quarter. Unterberg Capital LLC grew its stake in shares of Mitek Systems by 195.1% in the 2nd quarter. Unterberg Capital LLC now owns 370,000 shares of the software maker’s stock valued at $3,108,000 after purchasing an additional 244,600 shares during the last quarter. Finally, Wedge Capital Management L L P NC purchased a new position in shares of Mitek Systems in the 3rd quarter valued at approximately $1,681,000. Institutional investors own 40.48% of the company’s stock.
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About Mitek Systems
Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device keyboard.
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