Mitek Systems (NASDAQ:MITK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday, November 24th.
According to Zacks, “Mitek Systems, Inc. is primarily engaged in the development and sale of software products with particular focus on intelligent character recognition and forms processing technology, products and services for the document imaging markets. They develop, market and support what they believe to be the most accurate Automated Document Recognition (ADR) products commercially available for the recognition of hand printed characters. “
Several other brokerages have also commented on MITK. BidaskClub lowered shares of Mitek Systems from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Roth Capital set a $12.00 price objective on shares of Mitek Systems and gave the company a “buy” rating in a report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Mitek Systems has a consensus rating of “Hold” and an average price target of $10.67.
Mitek Systems (NASDAQ MITK) opened at $8.70 on Friday. Mitek Systems has a 12-month low of $5.50 and a 12-month high of $10.75. The company has a market cap of $297.32, a PE ratio of 57.00, a price-to-earnings-growth ratio of 4.28 and a beta of 0.64.
Mitek Systems (NASDAQ:MITK) last released its earnings results on Tuesday, November 7th. The software maker reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Mitek Systems had a net margin of 31.05% and a return on equity of 11.49%. The company had revenue of $12.90 million during the quarter, compared to analysts’ expectations of $12.35 million. During the same period last year, the business earned $0.07 EPS. Mitek Systems’s revenue for the quarter was up 33.4% on a year-over-year basis. analysts anticipate that Mitek Systems will post 0.13 earnings per share for the current year.
In other Mitek Systems news, insider Michael E. Diamond sold 4,854 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $8.60, for a total value of $41,744.40. Following the transaction, the insider now directly owns 167,499 shares of the company’s stock, valued at approximately $1,440,491.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Bruce Edward Hansen sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $9.16, for a total value of $458,000.00. Following the completion of the sale, the director now owns 61,600 shares of the company’s stock, valued at $564,256. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 155,942 shares of company stock valued at $1,387,527. Corporate insiders own 8.52% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Group LLC grew its stake in shares of Mitek Systems by 1.2% in the second quarter. Renaissance Group LLC now owns 54,110 shares of the software maker’s stock worth $455,000 after purchasing an additional 620 shares in the last quarter. Unterberg Capital LLC lifted its holdings in shares of Mitek Systems by 195.1% in the second quarter. Unterberg Capital LLC now owns 370,000 shares of the software maker’s stock valued at $3,108,000 after buying an additional 244,600 shares during the period. TIAA CREF Investment Management LLC lifted its holdings in shares of Mitek Systems by 43.9% in the first quarter. TIAA CREF Investment Management LLC now owns 122,135 shares of the software maker’s stock valued at $812,000 after buying an additional 37,271 shares during the period. Thrivent Financial For Lutherans acquired a new stake in shares of Mitek Systems in the second quarter valued at $271,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Mitek Systems by 8.2% in the first quarter. Vanguard Group Inc. now owns 1,309,044 shares of the software maker’s stock valued at $8,705,000 after buying an additional 99,489 shares during the period. Hedge funds and other institutional investors own 44.92% of the company’s stock.
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Mitek Systems Company Profile
Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device keyboard.
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