Mitek Systems (NASDAQ:MITK) Upgraded at StockNews.com

StockNews.com upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a report published on Wednesday morning.

A number of other brokerages have also recently weighed in on MITK. Craig Hallum lifted their price objective on shares of Mitek Systems from $17.00 to $19.00 and gave the company a buy rating in a report on Tuesday. HC Wainwright restated a buy rating and issued a $19.00 price objective on shares of Mitek Systems in a report on Tuesday.

Mitek Systems Trading Up 1.7 %

Shares of MITK stock opened at $12.18 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.69 and a current ratio of 3.69. The company has a 50 day moving average price of $12.68 and a 200 day moving average price of $11.96. Mitek Systems has a fifty-two week low of $8.77 and a fifty-two week high of $16.24.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its holdings in Mitek Systems by 4.6% during the 4th quarter. Franklin Resources Inc. now owns 20,882 shares of the software maker’s stock worth $272,000 after acquiring an additional 918 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Mitek Systems by 3.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 29,268 shares of the software maker’s stock worth $383,000 after acquiring an additional 963 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in Mitek Systems by 0.9% during the 4th quarter. Nuveen Asset Management LLC now owns 116,242 shares of the software maker’s stock worth $1,516,000 after acquiring an additional 1,051 shares in the last quarter. Raymond James & Associates grew its holdings in Mitek Systems by 1.8% during the 4th quarter. Raymond James & Associates now owns 73,243 shares of the software maker’s stock worth $955,000 after acquiring an additional 1,274 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in Mitek Systems by 88.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the software maker’s stock worth $29,000 after acquiring an additional 1,475 shares in the last quarter. Institutional investors and hedge funds own 83.64% of the company’s stock.

Mitek Systems Company Profile

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.