Mitek Systems (NASDAQ:MITK) Reaches New 12-Month High – What’s Next?

Mitek Systems, Inc. (NASDAQ:MITK) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $21.05 and last traded at $20.14, with a volume of 1183919 shares traded. The stock had previously closed at $20.13.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Northland Securities set a $17.00 target price on shares of Mitek Systems in a research note on Wednesday, April 15th. Wall Street Zen downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. 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 raised shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Mitek Systems presently has a consensus rating of “Hold” and a consensus price target of $16.00.

Mitek Systems Price Performance

The firm has a market cap of $909.52 million, a price-to-earnings ratio of 57.54 and a beta of 0.97. 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’s fifty day moving average price is $16.02 and its 200-day moving average price is $13.61.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.12. The firm had revenue of $54.84 million for the quarter, compared to analysts’ expectations of $52.59 million. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%. As a group, equities research analysts forecast that Mitek Systems, Inc. will post 0.86 earnings per share for the current fiscal year.

Insider Activity at Mitek Systems

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

Institutional Trading of Mitek Systems

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Mitek Systems by 5.6% in the third quarter. Vanguard Group Inc. now owns 3,717,031 shares of the software maker’s stock valued at $36,315,000 after buying an additional 198,068 shares during the last quarter. Invesco Ltd. increased its position in shares of Mitek Systems by 0.5% during the fourth quarter. Invesco Ltd. now owns 1,919,576 shares of the software maker’s stock valued at $20,252,000 after acquiring an additional 10,105 shares during the last quarter. Dimensional Fund Advisors LP raised its stake 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 valued at $22,756,000 after acquiring an additional 29,997 shares during the period. Impax Asset Management Group plc raised its stake 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 valued at $13,662,000 after acquiring an additional 100,000 shares during the period. Finally, Geode Capital Management LLC lifted its holdings 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 during the last quarter. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.