Mitek Systems (NASDAQ:MITK) Stock Price Expected to Rise, Maxim Group Analyst Says

Mitek Systems (NASDAQ:MITK) had its price objective boosted by stock analysts at Maxim Group from $13.00 to $14.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Maxim Group’s price target would suggest a potential upside of 34.62% from the company’s current price.

MITK has been the topic of several other research reports. StockNews.com raised Mitek Systems from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 25th. HC Wainwright restated a “buy” rating and set a $13.00 target price on shares of Mitek Systems in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.88.

Mitek Systems Stock Performance

NASDAQ MITK opened at $10.40 on Tuesday. The stock’s fifty day moving average is $10.35 and its two-hundred day moving average is $9.61. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.39 and a current ratio of 4.39. The firm has a market capitalization of $470.39 million, a P/E ratio of 173.33 and a beta of 1.08. Mitek Systems has a fifty-two week low of $7.35 and a fifty-two week high of $16.24.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). Mitek Systems had a return on equity of 16.64% and a net margin of 1.90%. On average, research analysts anticipate that Mitek Systems will post 0.65 earnings per share for the current year.

Insider Activity

In other Mitek Systems news, insider Jason Gray sold 6,222 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total transaction of $56,433.54. Following the completion of the transaction, the insider now directly owns 164,342 shares in the company, valued at $1,490,581.94. This represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael E. Diamond sold 4,544 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total transaction of $41,304.96. Following the completion of the sale, the insider now owns 166,632 shares of the company’s stock, valued at $1,514,684.88. The trade was a 2.65 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,699 shares of company stock worth $152,140. 2.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mitek Systems

Hedge funds have recently modified their holdings of the stock. Foundry Partners LLC increased its holdings in shares of Mitek Systems by 44.2% during the 4th quarter. Foundry Partners LLC now owns 500,610 shares of the software maker’s stock worth $5,572,000 after acquiring an additional 153,415 shares during the last quarter. ExodusPoint Capital Management LP grew its stake in Mitek Systems by 24.0% in the 4th quarter. ExodusPoint Capital Management LP now owns 62,822 shares of the software maker’s stock valued at $699,000 after buying an additional 12,148 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Mitek Systems by 52.1% in the 4th quarter. JPMorgan Chase & Co. now owns 399,905 shares of the software maker’s stock valued at $4,451,000 after buying an additional 136,949 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in Mitek Systems in the 4th quarter valued at about $105,000. Finally, Semanteon Capital Management LP acquired a new stake in Mitek Systems during the fourth quarter worth approximately $341,000. Institutional investors own 83.64% of the company’s stock.

About Mitek Systems

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.