Zacks Research Downgrades Mitek Systems (NASDAQ:MITK) to Hold

Mitek Systems (NASDAQ:MITK) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Mitek Systems in a research note on Friday, March 27th. Northland Securities set a $17.00 price target on Mitek Systems in a research note on Wednesday. Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and boosted their price target for the company from $11.00 to $15.00 in a research note on Friday, February 13th. Finally, Wall Street Zen raised Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Mitek Systems currently has an average rating of “Hold” and a consensus target price of $16.00.

Mitek Systems Stock Performance

NASDAQ:MITK opened at $15.15 on Thursday. The firm’s fifty day moving average is $13.86 and its 200-day moving average is $11.15. Mitek Systems has a 52 week low of $7.54 and a 52 week high of $15.61. The firm has a market cap of $686.60 million, a P/E ratio of 43.29 and a beta of 1.03.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. The company had revenue of $44.24 million for the quarter, compared to analyst estimates of $42.44 million. As a group, sell-side analysts anticipate that Mitek Systems will post 0.59 earnings per share for the current year.

Hedge Funds Weigh In On Mitek Systems

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Mitek Systems by 5.6% during the third quarter. Vanguard Group Inc. now owns 3,717,031 shares of the software maker’s stock worth $36,315,000 after purchasing an additional 198,068 shares during the period. Invesco Ltd. raised its position in shares of Mitek Systems by 0.5% during the fourth quarter. Invesco Ltd. now owns 1,919,576 shares of the software maker’s stock worth $20,252,000 after purchasing an additional 10,105 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Mitek Systems by 2.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,655,660 shares of the software maker’s stock worth $17,467,000 after purchasing an additional 35,091 shares during the period. Impax Asset Management Group plc raised its position in shares of Mitek Systems by 8.4% during the fourth quarter. Impax Asset Management Group plc now owns 1,295,000 shares of the software maker’s stock worth $13,662,000 after purchasing an additional 100,000 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Mitek Systems by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,262,658 shares of the software maker’s stock worth $13,323,000 after purchasing an additional 9,921 shares during the period. 83.64% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Company Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.