Mitek Systems (NASDAQ:MITK) Shares Cross Above Two Hundred Day Moving Average – Should You Sell?

Shares of Mitek Systems, Inc. (NASDAQ:MITK) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $12.69 and traded as high as $16.30. Mitek Systems shares last traded at $16.01, with a volume of 1,420,677 shares changing hands.

Analyst Upgrades and Downgrades

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

Mitek Systems Trading Up 0.7%

The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20. The company has a market cap of $742.88 million, a PE ratio of 47.00 and a beta of 1.02. The business has a 50-day simple moving average of $15.04 and a 200-day simple moving average of $12.77.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.12. The firm had revenue of $54.84 million for the quarter, compared to analyst estimates of $52.59 million. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%. On average, analysts predict that Mitek Systems, Inc. will post 0.86 EPS for the current fiscal year.

Insider Buying and Selling at Mitek Systems

In related 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 completion of the transaction, the chief operating officer owned 265,387 shares in the company, valued at approximately $3,694,187.04. The trade was a 36.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Mitek Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC increased its position in shares of Mitek Systems by 320.3% during the second 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% in 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 purchasing an additional 6,082 shares during the period. Russell Investments Group Ltd. grew its stake in Mitek Systems by 4,147.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock worth $97,000 after purchasing an additional 9,706 shares in the last quarter. AXQ Capital LP acquired a new position in Mitek Systems during the 4th quarter worth $117,000. Finally, AlphaQuest LLC purchased a new stake in Mitek Systems during the 3rd quarter worth about $130,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.

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.