Mitek Systems (NASDAQ:MITK) Stock Price Passes Above Two Hundred Day Moving Average – Time to Sell?

Mitek Systems, Inc. (NASDAQ:MITK)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $10.90 and traded as high as $13.92. Mitek Systems shares last traded at $13.67, with a volume of 597,765 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MITK shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Mitek Systems in a research note on Friday, March 27th. Zacks Research upgraded Mitek Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 18th. Jefferies Financial Group upgraded Mitek Systems from a “hold” rating to a “buy” rating and boosted their price target for the company from $11.00 to $15.00 in a research note on Friday, February 13th. Finally, Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $15.00.

Mitek Systems Stock Up 3.1%

The firm has a market capitalization of $638.56 million, a P/E ratio of 40.26 and a beta of 1.03. The firm has a 50 day moving average of $13.28 and a 200-day moving average of $10.94.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, February 5th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $44.24 million during the quarter, compared to analysts’ expectations of $42.44 million. Mitek Systems had a return on equity of 16.86% and a net margin of 8.67%. As a group, research analysts expect that Mitek Systems, Inc. will post 0.59 EPS for the current year.

Hedge Funds Weigh In On Mitek Systems

A number of institutional investors have recently modified their holdings of the business. Aristides Capital LLC raised its holdings in shares of Mitek Systems by 4.5% during the 4th quarter. Aristides Capital LLC now owns 55,434 shares of the software maker’s stock worth $585,000 after buying an additional 2,380 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Mitek Systems during the 4th quarter worth $146,000. Invesco Ltd. raised its holdings in shares of Mitek Systems by 0.5% during the 4th quarter. Invesco Ltd. now owns 1,919,576 shares of the software maker’s stock worth $20,252,000 after buying an additional 10,105 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Mitek Systems by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 111,264 shares of the software maker’s stock worth $1,170,000 after buying an additional 23,355 shares in the last quarter. Finally, XTX Topco Ltd raised its holdings in shares of Mitek Systems by 139.1% during the 4th quarter. XTX Topco Ltd now owns 45,853 shares of the software maker’s stock worth $484,000 after buying an additional 26,674 shares in the last quarter. Institutional investors and hedge funds own 83.64% of the company’s stock.

About Mitek Systems

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.