Mitek Systems, Inc. (MITK) Receives $10.60 Average Price Target from Brokerages
Shares of Mitek Systems, Inc. (NASDAQ:MITK) have been given a consensus rating of “Hold” by the eight ratings firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $10.75.
A number of brokerages recently weighed in on MITK. Zacks Investment Research cut Mitek Systems from a “hold” rating to a “sell” rating in a report on Friday. BidaskClub cut Mitek Systems from a “sell” rating to a “strong sell” rating in a report on Wednesday.
In other news, insider Stephen Ritter sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $9.57, for a total transaction of $95,700.00. Following the transaction, the insider now directly owns 227,937 shares of the company’s stock, valued at $2,181,357.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael E. Diamond sold 4,854 shares of the business’s 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 transaction, the insider now directly 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 155,942 shares of company stock worth $1,387,527 over the last ninety days. Insiders own 8.52% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of MITK. Vanguard Group Inc. boosted its position in shares of Mitek Systems by 5.0% during the second quarter. Vanguard Group Inc. now owns 1,374,109 shares of the software maker’s stock valued at $11,543,000 after purchasing an additional 65,065 shares in the last quarter. Archon Capital Management LLC boosted its position in shares of Mitek Systems by 70.4% during the second 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 in the last quarter. State Street Corp boosted its position in shares of Mitek Systems by 7.6% during the second quarter. State Street Corp now owns 514,403 shares of the software maker’s stock valued at $4,322,000 after purchasing an additional 36,397 shares in the last quarter. Independent Advisor Alliance bought a new stake in shares of Mitek Systems during the third quarter valued at approximately $4,185,000. Finally, Unterberg Capital LLC boosted its position in shares of Mitek Systems by 195.1% during the second 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 in the last quarter. 44.92% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Mitek Systems (NASDAQ:MITK) traded down $0.15 on Thursday, hitting $8.60. The stock had a trading volume of 273,701 shares, compared to its average volume of 344,116. The company has a market cap of $299.07, a P/E ratio of 57.33, a PEG ratio of 4.30 and a beta of 0.64. Mitek Systems has a 12-month low of $5.50 and a 12-month high of $10.75.
Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Tuesday, November 7th. The software maker reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.02. The firm had revenue of $12.90 million during the quarter, compared to the consensus estimate of $12.35 million. Mitek Systems had a return on equity of 11.49% and a net margin of 31.05%. The company’s revenue for the quarter was up 33.4% on a year-over-year basis. During the same quarter last year, the company posted $0.07 EPS. sell-side analysts forecast that Mitek Systems will post 0.13 earnings per share for the current fiscal year.
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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