Mitek Systems (NASDAQ:MITK) Shares Gap Down to $14.83

Mitek Systems, Inc. (NASDAQ:MITK) gapped down prior to trading on Tuesday . The stock had previously closed at $14.83, but opened at $13.74. Mitek Systems shares last traded at $14.06, with a volume of 336,452 shares.

Analysts Set New Price Targets

Several equities research analysts have weighed in on MITK shares. StockNews.com raised Mitek Systems from a “hold” rating to a “buy” rating in a report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $19.00 price target on shares of Mitek Systems in a report on Tuesday. Finally, Craig Hallum raised their price target on Mitek Systems from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday.

Mitek Systems Price Performance

The company has a debt-to-equity ratio of 0.66, a current ratio of 3.69 and a quick ratio of 3.69. The stock has a market cap of $569.43 million, a price-to-earnings ratio of -173.83 and a beta of 1.09. The stock has a fifty day moving average of $12.70 and a 200 day moving average of $11.95.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Tuesday, March 19th. The software maker reported $0.10 EPS for the quarter. Mitek Systems had a return on equity of 17.83% and a net margin of 4.25%. The firm had revenue of $37.66 million during the quarter. On average, analysts expect that Mitek Systems, Inc. will post 0.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Mitek Systems

A number of institutional investors and hedge funds have recently modified their holdings of MITK. Tower Research Capital LLC TRC raised its position in Mitek Systems by 88.5% during the third quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the software maker’s stock valued at $29,000 after acquiring an additional 1,475 shares in the last quarter. Point72 Middle East FZE purchased a new position in Mitek Systems during the fourth quarter valued at approximately $40,000. Quarry LP raised its position in Mitek Systems by 536.0% during the first quarter. Quarry LP now owns 4,738 shares of the software maker’s stock valued at $45,000 after acquiring an additional 3,993 shares in the last quarter. Royal Bank of Canada raised its position in Mitek Systems by 66.4% during the third quarter. Royal Bank of Canada now owns 4,954 shares of the software maker’s stock valued at $46,000 after acquiring an additional 1,977 shares in the last quarter. Finally, Ensign Peak Advisors Inc purchased a new position in Mitek Systems during the third quarter valued at approximately $59,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

About Mitek Systems

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.