Mitek Systems (NASDAQ:MITK) Raised to “Strong-Buy” at Wall Street Zen

Mitek Systems (NASDAQ:MITK) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

Mitek Systems Stock Down 1.1%

MITK opened at $9.46 on Friday. The firm has a market cap of $427.97 million, a PE ratio of 33.79 and a beta of 1.15. The business has a fifty day simple moving average of $9.10 and a 200-day simple moving average of $9.46. Mitek Systems has a fifty-two week low of $6.93 and a fifty-two week high of $13.72.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, May 8th. The software maker reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.10. The business had revenue of $51.93 million during the quarter, compared to analyst estimates of $47.21 million. Mitek Systems had a return on equity of 18.85% and a net margin of 7.51%. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. On average, equities research analysts anticipate that Mitek Systems will post 0.59 EPS for the current fiscal year.

Insider Transactions at Mitek Systems

In other news, insider Michael E. Diamond sold 70,352 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $9.77, for a total value of $687,339.04. Following the completion of the sale, the insider now owns 233,340 shares in the company, valued at $2,279,731.80. This represents a 23.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Millennium Management LLC boosted its position in Mitek Systems by 159.7% during the 4th quarter. Millennium Management LLC now owns 83,390 shares of the software maker’s stock worth $928,000 after acquiring an additional 51,275 shares during the period. Barclays PLC lifted its position in shares of Mitek Systems by 5.0% in the fourth quarter. Barclays PLC now owns 82,142 shares of the software maker’s stock worth $914,000 after purchasing an additional 3,933 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in shares of Mitek Systems during the fourth quarter worth approximately $272,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Mitek Systems by 3.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,600 shares of the software maker’s stock worth $674,000 after purchasing an additional 1,803 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Mitek Systems by 13.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 81,781 shares of the software maker’s stock valued at $910,000 after purchasing an additional 9,882 shares in the last quarter. 83.64% of the stock is 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.