Mitek Systems (NASDAQ:MITK) Trading 7.2% Higher – Here’s What Happened

Shares of Mitek Systems, Inc. (NASDAQ:MITK) rose 7.2% on Friday . The stock traded as high as $17.10 and last traded at $17.0490. Approximately 250,269 shares traded hands during trading, a decline of 74% from the average session volume of 945,932 shares. The stock had previously closed at $15.91.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MITK. Wall Street Zen cut shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Northland Securities set a $17.00 target price on shares of Mitek Systems in a research note on Wednesday, April 15th. Zacks Research lowered shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Finally, Weiss Ratings upgraded Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $16.00.

Mitek Systems Stock Performance

The firm’s 50 day simple moving average is $17.46 and its 200-day simple moving average is $14.59. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.61 and a current ratio of 2.61. The company has a market capitalization of $761.85 million, a price-to-earnings ratio of 48.20 and a beta of 0.97.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.12. The firm had revenue of $54.84 million for the quarter, compared to analyst estimates of $52.59 million. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%. Analysts expect that Mitek Systems, Inc. will post 0.86 EPS for the current year.

Insider Buying and Selling at Mitek Systems

In related news, COO Garrett Gafke sold 152,529 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total transaction of $2,123,203.68. Following the completion of the sale, the chief operating officer directly owned 265,387 shares in the company, valued at approximately $3,694,187.04. This trade represents a 36.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mitek Systems

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mak Capital One LLC purchased a new position in Mitek Systems in the fourth quarter valued at about $6,690,000. Topline Capital Management LLC bought a new stake in shares of Mitek Systems in the 2nd quarter valued at approximately $5,235,000. Congruence Capital LLC acquired a new position in Mitek Systems in the fourth quarter worth approximately $4,106,000. Tudor Investment Corp ET AL raised its position in Mitek Systems by 1,026.3% during the third quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock valued at $2,255,000 after acquiring an additional 210,352 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Mitek Systems by 109.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 395,956 shares of the software maker’s stock valued at $4,177,000 after purchasing an additional 206,593 shares during the last quarter. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.