Mitek Systems (NASDAQ:MITK) Reaches New 52-Week High – What’s Next?

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $16.68 and last traded at $16.67, with a volume of 760808 shares traded. The stock had previously closed at $16.03.

Wall Street Analyst Weigh In

Several equities research analysts have commented on MITK shares. Weiss Ratings upgraded Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Jefferies Financial Group upgraded Mitek Systems from a “hold” rating to a “buy” rating and increased their target price for the company from $11.00 to $15.00 in a research note on Friday, February 13th. Zacks Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Northland Securities set a $17.00 target price on Mitek Systems in a research note on Wednesday, April 15th. Finally, Wall Street Zen lowered Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $16.00.

Mitek Systems Trading Down 2.0%

The business has a 50 day simple moving average of $14.51 and a two-hundred day simple moving average of $12.23. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.20. The stock has a market cap of $760.49 million, a price-to-earnings ratio of 48.12 and a beta of 0.95.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.12. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%.The firm had revenue of $54.84 million during the quarter, compared to analyst estimates of $52.59 million. As a group, equities analysts anticipate that Mitek Systems, Inc. will post 0.88 EPS for the current year.

Insiders Place Their Bets

In other Mitek Systems news, COO Garrett Gafke sold 21,108 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $14.19, for a total transaction of $299,522.52. Following the completion of the sale, the chief operating officer owned 244,279 shares in the company, valued at $3,466,319.01. This trade represents a 7.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mitek Systems

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Mitek Systems by 5.6% in the 3rd quarter. Vanguard Group Inc. now owns 3,717,031 shares of the software maker’s stock worth $36,315,000 after acquiring an additional 198,068 shares in the last quarter. Invesco Ltd. grew its position in shares of Mitek Systems by 0.5% in the 4th quarter. Invesco Ltd. now owns 1,919,576 shares of the software maker’s stock worth $20,252,000 after acquiring an additional 10,105 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Mitek Systems by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,685,657 shares of the software maker’s stock worth $22,756,000 after acquiring an additional 29,997 shares in the last quarter. Impax Asset Management Group plc grew its position in shares of Mitek Systems by 8.4% in the 4th quarter. Impax Asset Management Group plc now owns 1,295,000 shares of the software maker’s stock worth $13,662,000 after acquiring an additional 100,000 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Mitek Systems by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,262,658 shares of the software maker’s stock worth $13,323,000 after acquiring an additional 9,921 shares in the last quarter. Institutional investors and hedge funds own 83.64% of the company’s stock.

Mitek Systems Company Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.