Mitek Systems (NASDAQ:MITK) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Mitek Systems, Inc. (NASDAQ:MITK) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $14.00 and traded as high as $19.60. Mitek Systems shares last traded at $19.44, with a volume of 625,071 shares.

Analyst Ratings Changes

MITK has been the subject of a number of research reports. Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Northland Securities set a $17.00 price objective on shares of Mitek Systems in a research note on Wednesday, April 15th. Wall Street Zen cut shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.00.

Mitek Systems Trading Down 0.6%

The firm has a market cap of $872.94 million, a PE ratio of 55.23 and a beta of 0.97. The business has a 50-day moving average price of $16.73 and a two-hundred day moving average price of $14.03. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.61 and a quick ratio of 2.61.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.26 by $0.12. The business had revenue of $54.84 million for the quarter, compared to analyst estimates of $52.59 million. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. Analysts forecast that Mitek Systems, Inc. will post 0.86 EPS for the current year.

Insider Activity

In other Mitek Systems news, COO Garrett Gafke sold 21,108 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $14.19, for a total value of $299,522.52. Following the sale, the chief operating officer owned 244,279 shares of the company’s stock, valued at $3,466,319.01. This represents a 7.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mitek Systems

Several institutional investors have recently added to or reduced their stakes in the business. Topline Capital Management LLC grew its position in Mitek Systems by 99.6% in the third quarter. Topline Capital Management LLC now owns 1,055,608 shares of the software maker’s stock valued at $10,313,000 after acquiring an additional 526,842 shares in the last quarter. Tudor Investment Corp ET AL raised its stake in shares of Mitek Systems by 1,026.3% during the third quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock valued at $2,255,000 after purchasing an additional 210,352 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Mitek Systems during the fourth quarter worth $1,124,000. Impax Asset Management Group plc boosted its stake in shares of Mitek Systems by 8.4% in the fourth quarter. Impax Asset Management Group plc now owns 1,295,000 shares of the software maker’s stock valued at $13,662,000 after purchasing an additional 100,000 shares during the period. Finally, Skylands Capital LLC boosted its stake in shares of Mitek Systems by 34.3% in the fourth quarter. Skylands Capital LLC now owns 302,616 shares of the software maker’s stock valued at $3,193,000 after purchasing an additional 77,320 shares during the period. 83.64% of the stock is currently owned by institutional investors and hedge funds.

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.