Mitek Systems (NASDAQ:MITK) Rating Increased to Strong-Buy at Zacks Research

Mitek Systems (NASDAQ:MITK) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Several other analysts have also commented on MITK. Maxim Group set a $26.00 price objective on shares of Mitek Systems in a research report on Friday, August 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Mitek Systems in a research note on Friday, August 7th. Finally, Wall Street Zen raised shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $19.33.

Mitek Systems Stock Up 3.9%

MITK stock opened at $18.88 on Tuesday. The stock has a market cap of $851.87 million, a P/E ratio of 40.17 and a beta of 0.98. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.19. The stock’s fifty day simple moving average is $18.12 and its two-hundred day simple moving average is $15.56. Mitek Systems has a 1-year low of $8.53 and a 1-year high of $21.05.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.06. The firm had revenue of $54.04 million during the quarter, compared to analyst estimates of $50.82 million. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%. Analysts expect that Mitek Systems will post 0.91 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MITK. Squarepoint Ops LLC lifted its holdings in shares of Mitek Systems by 2.5% in the fourth quarter. Squarepoint Ops LLC now owns 38,611 shares of the software maker’s stock worth $407,000 after buying an additional 944 shares in the last quarter. Aristides Capital LLC grew its stake in Mitek Systems by 4.5% during the fourth quarter. Aristides Capital LLC now owns 55,434 shares of the software maker’s stock valued at $585,000 after acquiring an additional 2,380 shares in the last quarter. Deutsche Bank AG grew its stake in Mitek Systems by 7.0% during the fourth quarter. Deutsche Bank AG now owns 37,329 shares of the software maker’s stock valued at $394,000 after acquiring an additional 2,431 shares in the last quarter. Royal Bank of Canada increased its holdings in Mitek Systems by 21.2% during the 4th quarter. Royal Bank of Canada now owns 14,954 shares of the software maker’s stock worth $158,000 after acquiring an additional 2,615 shares during the period. Finally, Intech Investment Management LLC increased its holdings in Mitek Systems by 17.9% during the 4th quarter. Intech Investment Management LLC now owns 19,303 shares of the software maker’s stock worth $204,000 after acquiring an additional 2,924 shares during the period. Hedge funds and other institutional investors own 83.64% of the company’s stock.

About Mitek Systems

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.