Mitek Systems (NASDAQ:MITK) Reaches New 52-Week High – Time to Buy?

Mitek Systems, Inc. (NASDAQ:MITK) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $16.68 and last traded at $16.67, with a volume of 760808 shares traded. The stock had previously closed at $16.03.

Analysts Set New Price Targets

Several research analysts have weighed in on MITK shares. Wall Street Zen lowered shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. Zacks Research cut shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Northland Securities set a $17.00 price target on shares of Mitek Systems in a research note on Wednesday, April 15th. Weiss Ratings upgraded Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Finally, Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and lifted their price objective for the company from $11.00 to $15.00 in a research report on Friday, February 13th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.00.

Mitek Systems Stock Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.61 and a current ratio of 2.61. The company has a market cap of $753.27 million, a P/E ratio of 47.66 and a beta of 0.95. The firm has a 50 day moving average price of $14.34 and a 200-day moving average price of $12.07.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.12. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%.The business had revenue of $54.84 million for the quarter, compared to the consensus estimate of $52.59 million. On average, research analysts predict that Mitek Systems, Inc. will post 0.88 EPS for the current year.

Insider Activity at Mitek Systems

In other news, COO Garrett Gafke sold 152,529 shares of Mitek Systems stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total value of $2,123,203.68. Following the transaction, the chief operating officer owned 265,387 shares of the company’s stock, valued at $3,694,187.04. This trade represents a 36.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MITK. Tower Research Capital LLC TRC raised its holdings in Mitek Systems by 320.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock worth $60,000 after acquiring an additional 4,586 shares during the period. State of Alaska Department of Revenue boosted its holdings in Mitek Systems by 305.2% during the fourth quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock valued at $85,000 after acquiring an additional 6,082 shares during the period. Russell Investments Group Ltd. grew its position in shares of Mitek Systems by 4,147.9% in the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after purchasing an additional 9,706 shares during the last quarter. AXQ Capital LP acquired a new stake in shares of Mitek Systems in the fourth quarter valued at about $117,000. Finally, AlphaQuest LLC bought a new position in shares of Mitek Systems in the third quarter worth about $130,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

About Mitek Systems

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.