Mitek Systems (NASDAQ:MITK) Shares Down 3.8% – Should You Sell?

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price was down 3.8% during mid-day trading on Friday . The company traded as low as $17.77 and last traded at $17.82. Approximately 232,774 shares traded hands during trading, a decline of 75% from the average session volume of 919,926 shares. The stock had previously closed at $18.52.

Analyst Ratings Changes

Several analysts recently issued reports on MITK shares. Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mitek Systems in a research note on Friday, August 7th. Maxim Group set a $26.00 price target on shares of Mitek Systems in a research report on Friday, August 7th. Finally, Zacks Research raised shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $19.33.

Mitek Systems Stock Down 0.2%

The business has a fifty day moving average of $18.17 and a 200 day moving average of $15.62. The company has a market capitalization of $833.82 million, a PE ratio of 39.32 and a beta of 0.98. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.19.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.06. The company had revenue of $54.04 million during the quarter, compared to the consensus estimate of $50.82 million. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%. Equities research analysts anticipate that Mitek Systems, Inc. will post 0.91 EPS for the current year.

Institutional Investors Weigh In On Mitek Systems

Several large investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its position in Mitek Systems by 320.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after buying an additional 4,586 shares during the period. State of Alaska Department of Revenue increased its position in shares of Mitek Systems by 305.2% during the fourth quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock worth $85,000 after acquiring an additional 6,082 shares during the period. Russell Investments Group Ltd. increased its position in shares of Mitek Systems by 4,147.9% during the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock worth $97,000 after acquiring an additional 9,706 shares during the period. AXQ Capital LP acquired a new stake in shares of Mitek Systems in the fourth quarter valued at $117,000. Finally, Bayesian Capital Management LP acquired a new stake in shares of Mitek Systems in the second quarter valued at $136,000. 83.64% of the stock is 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.