Garrett Gafke Sells 21,108 Shares of Mitek Systems (NASDAQ:MITK) Stock

Mitek Systems, Inc. (NASDAQ:MITK) COO Garrett Gafke sold 21,108 shares of Mitek Systems stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $14.19, for a total value of $299,522.52. Following the sale, the chief operating officer directly owned 244,279 shares in the company, valued at approximately $3,466,319.01. The trade was a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Garrett Gafke also recently made the following trade(s):

• On Tuesday, April 28th, Garrett Gafke sold 152,529 shares of Mitek Systems stock. The shares were sold at an average price of $13.92, for a total value of $2,123,203.68.

Mitek Systems Stock Up 5.1%

Mitek Systems stock traded up $0.69 during trading hours on Friday, hitting $14.26. 1,317,288 shares of the stock traded hands, compared to its average volume of 904,756. The firm’s 50-day moving average price is $14.32 and its two-hundred day moving average price is $11.79. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.20. The company has a market cap of $643.98 million, a PE ratio of 40.74 and a beta of 0.95. Mitek Systems, Inc. has a one year low of $8.53 and a one year high of $16.48.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.12. The business had revenue of $54.84 million for the quarter, compared to analysts’ expectations of $52.59 million. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%. On average, research analysts forecast that Mitek Systems, Inc. will post 0.88 EPS for the current year.

Institutional Trading of Mitek Systems

A number of hedge funds have recently made changes to their positions in MITK. New York State Teachers Retirement System bought a new stake in shares of Mitek Systems in the 3rd quarter worth approximately $39,000. Tower Research Capital LLC TRC boosted its position in shares of Mitek Systems by 320.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock worth $60,000 after purchasing an additional 4,586 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Mitek Systems by 305.2% in the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock worth $85,000 after purchasing an additional 6,082 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Mitek Systems by 4,147.9% in 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. Finally, AXQ Capital LP bought a new stake in shares of Mitek Systems in the 4th quarter worth approximately $117,000. 83.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MITK has been the topic of several research reports. Northland Securities set a $17.00 price objective on Mitek Systems in a research report on Wednesday, April 15th. Wall Street Zen cut Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings raised Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday. Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Finally, Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and boosted their price target for the stock from $11.00 to $15.00 in a research report on Friday, February 13th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Mitek Systems presently has an average rating of “Hold” and an average target price of $16.00.

Mitek Systems Company Profile

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.