Mitek Systems (NASDAQ:MITK) Downgraded to Hold Rating by StockNews.com

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

MITK has been the subject of several other research reports. Craig Hallum cut their price target on Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a report on Friday, August 9th. Jefferies Financial Group lowered Mitek Systems from a “buy” rating to a “hold” rating and reduced their price target for the stock from $17.00 to $9.50 in a report on Wednesday, September 4th. HC Wainwright dropped their price objective on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, Maxim Group reduced their target price on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Mitek Systems presently has an average rating of “Moderate Buy” and a consensus price target of $12.13.

Mitek Systems Stock Down 0.2 %

Shares of NASDAQ MITK opened at $9.30 on Thursday. The stock has a market cap of $429.66 million, a PE ratio of -62.00 and a beta of 1.07. The company has a current ratio of 4.46, a quick ratio of 4.46 and a debt-to-equity ratio of 0.68. Mitek Systems has a 12-month low of $7.35 and a 12-month high of $16.24. The company has a 50-day moving average of $8.89 and a 200 day moving average of $10.30.

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds have recently modified their holdings of MITK. Vanguard Group Inc. lifted its position in Mitek Systems by 4.1% in the first quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock valued at $49,599,000 after buying an additional 138,438 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Mitek Systems by 8.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock worth $18,531,000 after purchasing an additional 128,282 shares during the period. State Street Corp increased its holdings in Mitek Systems by 3.8% in the 3rd quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock valued at $11,326,000 after purchasing an additional 47,418 shares during the last quarter. Thompson Siegel & Walmsley LLC raised its position in Mitek Systems by 259.9% in the second quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock valued at $8,567,000 after purchasing an additional 553,379 shares during the period. Finally, LSV Asset Management lifted its stake in Mitek Systems by 0.4% during the second quarter. LSV Asset Management now owns 738,799 shares of the software maker’s stock worth $8,260,000 after purchasing an additional 2,900 shares in the last quarter. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.