Mitek Systems (NASDAQ:MITK) Trading 7.2% Higher – Here’s Why

Shares of Mitek Systems, Inc. (NASDAQ:MITK) traded up 7.2% during trading on Friday . The stock traded as high as $17.10 and last traded at $17.0490. 250,269 shares traded hands during trading, a decline of 74% from the average session volume of 945,932 shares. The stock had previously closed at $15.91.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MITK. Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Wall Street Zen lowered Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Finally, Northland Securities set a $17.00 price objective on Mitek Systems in a report on Wednesday, April 15th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Mitek Systems currently has a consensus rating of “Hold” and a consensus price target of $16.00.

Mitek Systems Trading Up 7.2%

The firm has a market cap of $770.52 million, a price-to-earnings ratio of 48.75 and a beta of 0.97. The company’s 50-day moving average price is $17.40 and its 200-day moving average price is $14.57. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20.

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

Insider Activity at Mitek Systems

In other news, COO Garrett Gafke sold 152,529 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The stock was 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 in the company, 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 legal filing with the SEC, which is available through this link. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Mitek Systems

A number of large investors have recently made changes to their positions in MITK. AQR Capital Management LLC boosted its position in shares of Mitek Systems by 138.3% during the 1st quarter. AQR Capital Management LLC now owns 111,967 shares of the software maker’s stock valued at $924,000 after acquiring an additional 64,980 shares during the last quarter. Creative Planning raised its position in shares of Mitek Systems by 87.6% during the 2nd quarter. Creative Planning now owns 30,133 shares of the software maker’s stock valued at $298,000 after buying an additional 14,070 shares during the period. Rhumbline Advisers lifted its holdings in Mitek Systems by 39.2% in the second quarter. Rhumbline Advisers now owns 91,877 shares of the software maker’s stock valued at $910,000 after acquiring an additional 25,878 shares during the last quarter. American Century Companies Inc. lifted its position in Mitek Systems by 49.7% in the second quarter. American Century Companies Inc. now owns 69,871 shares of the software maker’s stock valued at $692,000 after buying an additional 23,212 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Mitek Systems in the 2nd quarter valued at approximately $153,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.