Mitek Systems (NASDAQ:MITK) Sees Large Volume Increase Following Analyst Upgrade

Shares of Mitek Systems, Inc. (NASDAQ:MITK) saw unusually-strong trading volume on Wednesday after StockNews.com upgraded the stock from a hold rating to a buy rating. Approximately 259,181 shares traded hands during mid-day trading, a decline of 43% from the previous session’s volume of 452,101 shares.The stock last traded at $13.11 and had previously closed at $13.39.

A number of other equities research analysts have also commented on MITK. Craig Hallum upped their price objective on shares of Mitek Systems from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday. HC Wainwright reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Mitek Systems in a research note on Tuesday.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. raised its holdings in shares of Mitek Systems by 4.6% in the fourth quarter. Franklin Resources Inc. now owns 20,882 shares of the software maker’s stock valued at $272,000 after purchasing an additional 918 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Mitek Systems by 3.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 29,268 shares of the software maker’s stock valued at $383,000 after purchasing an additional 963 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of Mitek Systems by 0.9% in the fourth quarter. Nuveen Asset Management LLC now owns 116,242 shares of the software maker’s stock valued at $1,516,000 after purchasing an additional 1,051 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Mitek Systems by 1.8% in the fourth quarter. Raymond James & Associates now owns 73,243 shares of the software maker’s stock valued at $955,000 after purchasing an additional 1,274 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Mitek Systems by 88.5% in the third quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the software maker’s stock valued at $29,000 after purchasing an additional 1,475 shares during the last quarter. 83.64% of the stock is owned by institutional investors.

Mitek Systems Stock Performance

The company’s fifty day moving average price is $12.69 and its 200 day moving average price is $11.95. The company has a market cap of $560.54 million, a PE ratio of -171.12 and a beta of 1.09. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.69 and a quick ratio of 3.69.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Tuesday, March 19th. The software maker reported $0.10 earnings per share (EPS) for the quarter. Mitek Systems had a net margin of 4.25% and a return on equity of 17.83%. The business had revenue of $37.66 million during the quarter. On average, equities research analysts predict that Mitek Systems, Inc. will post 0.82 earnings per share for the current year.

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.