Mitek Systems (NASDAQ:MITK) Upgraded at StockNews.com

Mitek Systems (NASDAQ:MITK) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

Several other equities research analysts also recently issued reports on the stock. Craig Hallum boosted their price objective on shares of Mitek Systems from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday. HC Wainwright reiterated a “buy” rating and set a $19.00 price objective on shares of Mitek Systems in a research note on Tuesday.

Mitek Systems Trading Down 9.1 %

MITK stock traded down $1.22 on Wednesday, hitting $12.17. 2,087,424 shares of the company were exchanged, compared to its average volume of 477,883. Mitek Systems has a twelve month low of $8.77 and a twelve month high of $16.24. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.69 and a quick ratio of 3.69. The business’s fifty day moving average is $12.70 and its two-hundred day moving average is $11.95. The stock has a market capitalization of $569.43 million, a price-to-earnings ratio of -173.83 and a beta of 1.09.

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

Institutional Investors Weigh In On Mitek Systems

Institutional investors have recently bought and sold shares of the business. Newtyn Management LLC purchased a new position in shares of Mitek Systems in the fourth quarter valued at $12,942,000. Tyro Capital Management LLC purchased a new position in shares of Mitek Systems in the fourth quarter valued at $9,240,000. Renaissance Technologies LLC boosted its stake in shares of Mitek Systems by 1,460.5% in the second quarter. Renaissance Technologies LLC now owns 518,100 shares of the software maker’s stock valued at $4,787,000 after purchasing an additional 484,900 shares during the period. Blue Grotto Capital LLC boosted its stake in shares of Mitek Systems by 14.6% in the first quarter. Blue Grotto Capital LLC now owns 2,614,842 shares of the software maker’s stock valued at $38,359,000 after purchasing an additional 333,966 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Mitek Systems by 17.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,382,729 shares of the software maker’s stock valued at $18,031,000 after purchasing an additional 210,178 shares during the period. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.