Mitek Systems (MITK) Downgraded by BidaskClub to Buy

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Mitek Systems (NASDAQ:MITK) was downgraded by investment analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a report issued on Saturday.

Other analysts have also recently issued research reports about the company. National Securities set a $18.00 price objective on Mitek Systems and gave the company a “buy” rating in a research note on Friday, November 2nd. ValuEngine upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. Zacks Investment Research upgraded Mitek Systems from a “hold” rating to a “buy” rating and set a $7.25 price objective on the stock in a research note on Wednesday, October 10th. Finally, Benchmark upgraded Mitek Systems from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Tuesday, November 27th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $13.67.

NASDAQ:MITK opened at $10.89 on Friday. Mitek Systems has a one year low of $6.32 and a one year high of $11.43. The stock has a market capitalization of $418.33 million, a P/E ratio of 83.77, a price-to-earnings-growth ratio of 3.81 and a beta of -0.47.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, November 1st. The software maker reported $0.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.05. Mitek Systems had a positive return on equity of 5.49% and a negative net margin of 18.58%. The business had revenue of $21.00 million for the quarter, compared to analysts’ expectations of $20.09 million. During the same quarter in the previous year, the firm posted $0.11 earnings per share. The company’s revenue was up 62.8% compared to the same quarter last year. Analysts forecast that Mitek Systems will post 0.19 EPS for the current year.

In related news, CEO James B. Debello sold 50,000 shares of the stock in a transaction that occurred on Wednesday, November 21st. The stock was sold at an average price of $9.46, for a total value of $473,000.00. Following the completion of the transaction, the chief executive officer now directly owns 710,695 shares of the company’s stock, valued at approximately $6,723,174.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James B. Debello sold 42,308 shares of the stock in a transaction that occurred on Monday, November 19th. The stock was sold at an average price of $9.41, for a total value of $398,118.28. Following the completion of the transaction, the chief executive officer now directly owns 718,687 shares of the company’s stock, valued at $6,762,844.67. The disclosure for this sale can be found here. Insiders have sold a total of 155,854 shares of company stock worth $1,519,474 over the last quarter. Insiders own 7.50% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. First Trust Advisors LP grew its holdings in Mitek Systems by 85.0% in the 2nd quarter. First Trust Advisors LP now owns 59,223 shares of the software maker’s stock worth $527,000 after buying an additional 27,202 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Mitek Systems in the 3rd quarter worth approximately $890,000. BlackRock Inc. grew its holdings in Mitek Systems by 12.9% in the 2nd quarter. BlackRock Inc. now owns 2,190,650 shares of the software maker’s stock worth $19,497,000 after buying an additional 250,585 shares in the last quarter. Independent Advisor Alliance grew its holdings in Mitek Systems by 1.1% in the 3rd quarter. Independent Advisor Alliance now owns 611,045 shares of the software maker’s stock worth $4,125,000 after buying an additional 6,500 shares in the last quarter. Finally, Credit Suisse AG grew its holdings in Mitek Systems by 429.8% in the 3rd quarter. Credit Suisse AG now owns 1,175,675 shares of the software maker’s stock worth $8,288,000 after buying an additional 953,764 shares in the last quarter. 45.76% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Company Profile

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.

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