Mitek Systems (MITK) Cut to “Hold” at BidaskClub

Mitek Systems (MITK) Cut to “Hold” at BidaskClub

Mitek Systems (NASDAQ:MITK) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Friday.

MITK has been the topic of a number of other reports. ValuEngine upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating in a research report on Thursday, October 18th. National Securities set a $18.00 price target on shares of Mitek Systems and gave the stock a “buy” rating in a research report on Wednesday, October 24th. Benchmark upgraded shares of 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. Finally, Zacks Investment Research upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Tuesday, November 6th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $13.67.

Shares of NASDAQ:MITK opened at $9.10 on Friday. The stock has a market capitalization of $343.20 million, a P/E ratio of 70.00, a PEG ratio of 3.13 and a beta of -0.39. Mitek Systems has a fifty-two week low of $6.32 and a fifty-two week high of $10.00.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, November 1st. The software maker reported $0.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.05. The firm had revenue of $21.00 million for the quarter, compared to the consensus estimate of $20.09 million. Mitek Systems had a negative net margin of 18.58% and a positive return on equity of 5.75%. Mitek Systems’s quarterly revenue was up 62.8% compared to the same quarter last year. During the same period last year, the firm posted $0.11 EPS. On average, equities analysts predict that Mitek Systems will post 0.19 earnings per share for the current year.

In other Mitek Systems news, CEO James B. Debello sold 50,000 shares of the business’s stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $9.46, for a total transaction of $473,000.00. Following the sale, the chief executive officer now directly owns 710,695 shares in the company, valued at approximately $6,723,174.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Stephen Ritter sold 3,120 shares of the business’s stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $9.40, for a total transaction of $29,328.00. Following the sale, the chief technology officer now owns 219,654 shares in the company, valued at $2,064,747.60. The disclosure for this sale can be found here. Insiders have sold a total of 126,304 shares of company stock worth $1,190,878 over the last 90 days. 8.52% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in shares of Mitek Systems by 12.9% during 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. Vanguard Group Inc. raised its holdings in shares of Mitek Systems by 6.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,790,442 shares of the software maker’s stock worth $12,622,000 after purchasing an additional 114,572 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Mitek Systems by 4.6% in the 2nd quarter. Wells Fargo & Company MN now owns 1,359,255 shares of the software maker’s stock worth $12,098,000 after purchasing an additional 59,360 shares in the last quarter. Credit Suisse AG raised its holdings in shares of 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 purchasing an additional 953,764 shares in the last quarter. Finally, Thomson Horstmann & Bryant Inc. raised its holdings in shares of Mitek Systems by 16.5% in the 3rd quarter. Thomson Horstmann & Bryant Inc. now owns 1,058,514 shares of the software maker’s stock worth $7,462,000 after purchasing an additional 149,810 shares in the last quarter. Institutional investors own 46.79% of the company’s stock.

About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions for enterprise customers worldwide. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences and transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile Websites, and desktop applications; Mobile Fill to pre-fill forms with personal data by simply snapping a picture of the consumer's driver license, credit card, or other document; Mobile Docs, a mobile document scanning solution; and MiSnap Multi-Check Capture, a software development kit that banks embed in their business banking app that facilitates capture of various checks in one deposit session.

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