HC Wainwright Reiterates “Buy” Rating for Mitek Systems (NASDAQ:MITK)

Mitek Systems (NASDAQ:MITK)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research note issued on Tuesday, Benzinga reports. They presently have a $19.00 price objective on the software maker’s stock. HC Wainwright’s price target would suggest a potential upside of 56.12% from the company’s current price.

Separately, StockNews.com cut Mitek Systems from a “buy” rating to a “hold” rating in a report on Thursday, March 21st.

Mitek Systems Stock Down 9.1 %

MITK opened at $12.17 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.69 and a quick ratio of 3.69. The business has a 50 day simple moving average of $12.70 and a 200-day simple moving average of $11.95. The stock has a market capitalization of $569.43 million, a P/E ratio of -173.83 and a beta of 1.09. Mitek Systems has a 12 month low of $8.77 and a 12 month high of $16.24.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Tuesday, March 19th. The software maker reported $0.10 earnings per share (EPS) for the quarter. The firm had revenue of $37.66 million during the quarter. Mitek Systems had a return on equity of 17.83% and a net margin of 4.25%. On average, equities analysts anticipate that Mitek Systems will post 0.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mitek Systems

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC increased its position in Mitek Systems by 88.5% during the third quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the software maker’s stock worth $29,000 after buying an additional 1,475 shares in the last quarter. Point72 Middle East FZE purchased a new position in Mitek Systems during the fourth quarter worth $40,000. Quarry LP increased its position in Mitek Systems by 536.0% during the first quarter. Quarry LP now owns 4,738 shares of the software maker’s stock worth $45,000 after buying an additional 3,993 shares in the last quarter. Royal Bank of Canada increased its position in Mitek Systems by 66.4% during the third quarter. Royal Bank of Canada now owns 4,954 shares of the software maker’s stock worth $46,000 after buying an additional 1,977 shares in the last quarter. Finally, Covestor Ltd increased its position in Mitek Systems by 32.3% during the third quarter. Covestor Ltd now owns 6,107 shares of the software maker’s stock worth $65,000 after buying an additional 1,492 shares in the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

About Mitek Systems

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.