Craig Hallum Boosts Mitek Systems (NASDAQ:MITK) Price Target to $19.00

Mitek Systems (NASDAQ:MITK) had its price objective boosted by stock analysts at Craig Hallum from $17.00 to $19.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Craig Hallum’s price objective points to a potential upside of 38.99% from the company’s previous close.

A number of other research analysts also recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $19.00 price target on shares of Mitek Systems in a report on Tuesday. StockNews.com downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating in a report on Thursday, March 21st.

Mitek Systems Stock Performance

NASDAQ MITK traded down $1.16 during trading hours on Tuesday, hitting $13.67. 1,100,061 shares of the company’s stock traded hands, compared to its average volume of 442,644. The business’s fifty day moving average price is $12.70 and its two-hundred day moving average price is $11.93. The company has a current ratio of 3.69, a quick ratio of 3.69 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $639.62 million, a P/E ratio of 85.63 and a beta of 1.09. Mitek Systems has a 52 week low of $8.77 and a 52 week high of $16.24.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Tuesday, March 19th. The software maker reported $0.10 earnings per share for the quarter. The business had revenue of $37.66 million during the quarter. Mitek Systems had a net margin of 4.25% and a return on equity of 17.83%. Equities research analysts predict that Mitek Systems will post 0.82 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MITK. Tower Research Capital LLC TRC increased its holdings in Mitek Systems by 88.5% in the third quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the software maker’s stock valued at $29,000 after buying an additional 1,475 shares in the last quarter. Point72 Middle East FZE purchased a new stake in shares of Mitek Systems during the fourth quarter worth about $40,000. Quarry LP increased its stake in shares of Mitek Systems by 536.0% during the first quarter. Quarry LP now owns 4,738 shares of the software maker’s stock worth $45,000 after purchasing an additional 3,993 shares in the last quarter. Royal Bank of Canada increased its stake in shares of Mitek Systems by 66.4% during the third quarter. Royal Bank of Canada now owns 4,954 shares of the software maker’s stock worth $46,000 after purchasing an additional 1,977 shares in the last quarter. Finally, Ensign Peak Advisors Inc purchased a new stake in shares of Mitek Systems during the third quarter worth about $59,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

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.