Mitek Systems (NASDAQ:MITK) Sets New 12-Month High – Still a Buy?

Mitek Systems, Inc. (NASDAQ:MITK) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $15.80 and last traded at $15.5030, with a volume of 299471 shares trading hands. The stock had previously closed at $14.95.

Analysts Set New Price Targets

MITK has been the subject of several research analyst reports. Zacks Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Jefferies Financial Group upgraded Mitek Systems from a “hold” rating to a “buy” rating and boosted their price objective for the company from $11.00 to $15.00 in a research report on Friday, February 13th. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Mitek Systems in a research report on Friday, March 27th. Finally, Northland Securities set a $17.00 price objective on Mitek Systems in a research report on Wednesday, April 15th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Mitek Systems currently has a consensus rating of “Hold” and an average price target of $16.00.

Mitek Systems Trading Down 4.2%

The stock has a market cap of $662.13 million, a P/E ratio of 41.74 and a beta of 1.03. The company has a 50 day simple moving average of $14.07 and a 200 day simple moving average of $11.26.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Thursday, February 5th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $44.24 million for the quarter, compared to analysts’ expectations of $42.44 million. Mitek Systems had a return on equity of 16.86% and a net margin of 8.67%. As a group, sell-side analysts expect that Mitek Systems, Inc. will post 0.88 earnings per share for the current year.

Institutional Investors Weigh In On Mitek Systems

Several institutional investors have recently bought and sold shares of the company. Skylands Capital LLC lifted its stake in Mitek Systems by 30.0% in the 1st quarter. Skylands Capital LLC now owns 393,400 shares of the software maker’s stock valued at $5,311,000 after acquiring an additional 90,784 shares in the last quarter. Delphi Management Inc. MA bought a new stake in Mitek Systems in the 1st quarter valued at approximately $366,000. Aristides Capital LLC lifted its stake in Mitek Systems by 4.5% in the 4th quarter. Aristides Capital LLC now owns 55,434 shares of the software maker’s stock valued at $585,000 after acquiring an additional 2,380 shares in the last quarter. Virtu Financial LLC bought a new stake in Mitek Systems in the 4th quarter valued at approximately $146,000. Finally, Invesco Ltd. lifted its stake in Mitek Systems by 0.5% in the 4th quarter. Invesco Ltd. now owns 1,919,576 shares of the software maker’s stock valued at $20,252,000 after acquiring an additional 10,105 shares in the last quarter. Institutional investors own 83.64% of the company’s stock.

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.