Mitek Systems (NASDAQ:MITK) Reaches New 12-Month High – What’s Next?

Mitek Systems, Inc. (NASDAQ:MITK) hit a new 52-week high during trading on Thursday . The stock traded as high as $21.05 and last traded at $20.14, with a volume of 1183919 shares trading hands. The stock had previously closed at $20.13.

Wall Street Analysts Forecast Growth

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

Mitek Systems Trading Up 0.0%

The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20. The company’s 50-day moving average is $16.02 and its 200 day moving average is $13.61. The company has a market cap of $909.52 million, a price-to-earnings ratio of 57.54 and a beta of 0.97.

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

Insider Activity at Mitek Systems

In other news, COO Garrett Gafke sold 21,108 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $14.19, for a total transaction of $299,522.52. Following the completion of the transaction, the chief operating officer directly owned 244,279 shares of the company’s stock, valued at $3,466,319.01. This represents a 7.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 2.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mitek Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. acquired a new position in Mitek Systems during the first quarter worth $2,312,000. Anson Funds Management LP purchased a new stake in shares of Mitek Systems during the first quarter worth about $998,000. Maverick Capital Ltd. purchased a new stake in shares of Mitek Systems during the first quarter worth about $589,000. Quantinno Capital Management LP raised its position in shares of Mitek Systems by 230.3% during the 1st quarter. Quantinno Capital Management LP now owns 50,609 shares of the software maker’s stock worth $683,000 after purchasing an additional 35,289 shares during the last quarter. Finally, SummitTX Capital L.P. purchased a new position in Mitek Systems in the 1st quarter valued at about $140,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.

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.