Northland Securities Reaffirms Buy Rating for Mitek Systems, Inc. (MITK)
Northland Securities reaffirmed their buy rating on shares of Mitek Systems, Inc. (NASDAQ:MITK) in a research report released on Tuesday morning. Northland Securities currently has a $11.00 price objective on the software maker’s stock.
Other analysts have also recently issued research reports about the stock. TheStreet upgraded shares of Mitek Systems from a c+ rating to a b rating in a research report on Friday, April 28th. Benchmark Co. upped their target price on shares of Mitek Systems from $10.00 to $12.00 and gave the company a buy rating in a research report on Monday, July 24th. Roth Capital set a $11.00 target price on shares of Mitek Systems and gave the company a buy rating in a research report on Wednesday, July 19th. BidaskClub upgraded shares of Mitek Systems from a hold rating to a buy rating in a research report on Wednesday, July 12th. Finally, Zacks Investment Research upgraded shares of Mitek Systems from a sell rating to a hold rating in a research report on Thursday, June 15th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $10.67.
Mitek Systems (MITK) traded up 1.49% during midday trading on Tuesday, hitting $10.20. The stock had a trading volume of 891,444 shares. The stock’s 50-day moving average is $9.11 and its 200-day moving average is $7.53. Mitek Systems has a one year low of $5.26 and a one year high of $10.75. The company has a market cap of $341.67 million, a P/E ratio of 172.88 and a beta of 0.66.
Mitek Systems (NASDAQ:MITK) last issued its earnings results on Thursday, July 27th. The software maker reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The company had revenue of $11.80 million during the quarter, compared to analysts’ expectations of $11.48 million. Mitek Systems had a net margin of 5.19% and a return on equity of 10.80%. The business’s revenue for the quarter was up 29.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 EPS. Equities analysts predict that Mitek Systems will post $0.31 EPS for the current fiscal year.
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In other news, CFO Russell C. Clark sold 39,400 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $8.25, for a total value of $325,050.00. Following the completion of the transaction, the chief financial officer now owns 88,818 shares of the company’s stock, valued at approximately $732,748.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 8.52% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. purchased a new position in shares of Mitek Systems during the fourth quarter valued at about $335,000. Renaissance Technologies LLC raised its position in shares of Mitek Systems by 3.0% in the fourth quarter. Renaissance Technologies LLC now owns 150,649 shares of the software maker’s stock valued at $926,000 after buying an additional 4,413 shares during the period. GSA Capital Partners LLP raised its position in shares of Mitek Systems by 222.1% in the fourth quarter. GSA Capital Partners LLP now owns 50,240 shares of the software maker’s stock valued at $309,000 after buying an additional 34,640 shares during the period. Highbridge Capital Management LLC raised its position in shares of Mitek Systems by 423.1% in the fourth quarter. Highbridge Capital Management LLC now owns 137,912 shares of the software maker’s stock valued at $848,000 after buying an additional 111,549 shares during the period. Finally, Bank of Montreal Can raised its position in shares of Mitek Systems by 28.1% in the first quarter. Bank of Montreal Can now owns 25,546 shares of the software maker’s stock valued at $170,000 after buying an additional 5,608 shares during the period. 39.13% of the stock is owned by institutional investors.
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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