Mitek Systems (NASDAQ:MITK) was upgraded by investment analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued on Thursday.

Separately, Zacks Investment Research lowered shares of Mitek Systems from a “hold” rating to a “sell” rating in a report on Friday, November 24th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Mitek Systems currently has a consensus rating of “Hold” and an average price target of $10.80.

Mitek Systems (NASDAQ MITK) opened at $9.65 on Thursday. The company has a market cap of $335.57, a price-to-earnings ratio of 25.39, a PEG ratio of 4.70 and a beta of 0.66. Mitek Systems has a twelve month low of $5.50 and a twelve 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 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.02. The firm had revenue of $12.90 million for the quarter, compared to analyst estimates of $12.35 million. Mitek Systems had a net margin of 31.05% and a return on equity of 11.49%. The business’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.07 EPS. equities analysts anticipate that Mitek Systems will post 0.13 earnings per share for the current year.

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 transaction, the insider now owns 167,499 shares of the company’s stock, valued at approximately $1,440,491.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO James B. Debello sold 28,361 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $8.91, for a total transaction of $252,696.51. Following the completion of the transaction, the chief executive officer now directly owns 844,726 shares in the company, valued at approximately $7,526,508.66. The disclosure for this sale can be found here. Insiders sold a total of 234,303 shares of company stock worth $2,065,223 in the last three months. Insiders own 8.52% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Mitek Systems by 5.0% in the 2nd 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 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 in the last quarter. Thomson Horstmann & Bryant Inc. boosted its stake in shares of Mitek Systems by 12.5% in the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 654,553 shares of the software maker’s stock valued at $5,858,000 after purchasing an additional 72,755 shares in the last quarter. State Street Corp boosted its stake in shares of Mitek Systems by 7.6% in the 2nd 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. Finally, Independent Advisor Alliance purchased a new stake in shares of Mitek Systems in the 3rd quarter valued at $4,185,000. 43.53% of the stock is owned by institutional investors.

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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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