Zacks Investment Research downgraded shares of Mitek Systems, Inc. (NASDAQ:MITK) from a hold rating to a sell rating in a report issued on Tuesday morning.

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. “

Several other research firms have also commented on MITK. Benchmark Co. boosted their price objective on shares of Mitek Systems from $10.00 to $12.00 and gave the stock a buy rating in a research note on Monday, July 24th. BidaskClub upgraded shares of Mitek Systems from a hold rating to a buy rating in a research note on Wednesday, July 12th. Northland Securities reiterated a buy rating and set a $11.00 price objective on shares of Mitek Systems in a research note on Tuesday, July 25th. Finally, Roth Capital set a $11.00 price target on shares of Mitek Systems and gave the company a buy rating in a research note on Wednesday, July 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $10.67.

Shares of Mitek Systems (MITK) traded down $0.45 on Tuesday, hitting $9.00. 672,700 shares of the stock traded hands, compared to its average volume of 374,302. Mitek Systems has a 52-week low of $5.26 and a 52-week high of $10.75. The stock has a market cap of $318.70, a PE ratio of 63.00, a PEG ratio of 3.57 and a beta of 0.69.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Tuesday, November 7th. The software maker reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. Mitek Systems had a net margin of 31.05% and a return on equity of 12.72%. The firm had revenue of $12.90 million during the quarter, compared to analysts’ expectations of $12.35 million. During the same quarter in the prior year, the company earned $0.07 EPS. The company’s revenue was up 33.4% compared to the same quarter last year. analysts anticipate that Mitek Systems will post 0.18 earnings per share for the current year.

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In other news, insider Michael E. Diamond sold 4,854 shares of the stock in a transaction 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 sale, the insider now owns 167,499 shares in the company, valued at $1,440,491.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James B. Debello sold 10,313 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $8.60, for a total transaction of $88,691.80. Following the completion of the sale, the chief executive officer now owns 909,903 shares in the company, valued at approximately $7,825,165.80. The disclosure for this sale can be found here. Insiders sold 15,649 shares of company stock worth $134,581 in the last quarter. Company insiders own 8.52% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Prudential Financial Inc. purchased a new stake in Mitek Systems during the third quarter worth $101,000. Burt Wealth Advisors purchased a new stake in Mitek Systems during the second quarter worth $105,000. LLBH Private Wealth Management LLC purchased a new stake in Mitek Systems during the second quarter worth $109,000. JPMorgan Chase & Co. purchased a new stake in Mitek Systems during the third quarter worth $129,000. Finally, Trexquant Investment LP purchased a new stake in Mitek Systems during the third quarter worth $138,000. 42.50% of the stock is currently owned by hedge funds and other institutional investors.

Mitek Systems Company Profile

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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Analyst Recommendations for Mitek Systems (NASDAQ:MITK)

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