Mitek Systems (NASDAQ:MITK) PT Lowered to $11.00 at HC Wainwright

Mitek Systems (NASDAQ:MITK) had its target price trimmed by HC Wainwright from $19.00 to $11.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

MITK has been the subject of several other research reports. Maxim Group reduced their price objective on shares of Mitek Systems from $23.00 to $13.00 and set a buy rating for the company in a research note on Monday. StockNews.com upgraded shares of Mitek Systems from a hold rating to a buy rating in a research note on Friday, July 12th. Finally, Craig Hallum reduced their price objective on shares of Mitek Systems from $19.00 to $15.00 and set a buy rating for the company in a research note on Friday, August 9th.

Mitek Systems Price Performance

Shares of MITK opened at $8.16 on Monday. The company has a 50 day moving average price of $11.46 and a 200-day moving average price of $12.32. Mitek Systems has a fifty-two week low of $7.35 and a fifty-two week high of $16.24. The stock has a market capitalization of $381.81 million, a PE ratio of -51.00 and a beta of 1.09. The company has a debt-to-equity ratio of 0.65, a quick ratio of 4.27 and a current ratio of 4.27.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, August 8th. The software maker reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.01). Mitek Systems had a positive return on equity of 11.71% and a negative net margin of 4.49%. The business had revenue of $45.00 million during the quarter, compared to analysts’ expectations of $47.99 million. During the same period in the previous year, the company posted $0.16 EPS. Mitek Systems’s revenue for the quarter was up 4.4% on a year-over-year basis. Equities analysts predict that Mitek Systems will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Mitek Systems news, SVP Christopher H. Briggs sold 24,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $11.10, for a total transaction of $266,400.00. Following the transaction, the senior vice president now owns 68,673 shares in the company, valued at approximately $762,270.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Mitek Systems news, SVP Christopher H. Briggs sold 24,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $11.10, for a total transaction of $266,400.00. Following the transaction, the senior vice president now owns 68,673 shares in the company, valued at approximately $762,270.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Donna Wells sold 16,839 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $12.46, for a total transaction of $209,813.94. Following the transaction, the director now owns 38,552 shares in the company, valued at approximately $480,357.92. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by company insiders.

Institutional Trading of Mitek Systems

Several large investors have recently made changes to their positions in MITK. Tyro Capital Management LLC purchased a new stake in shares of Mitek Systems in the 4th quarter valued at $9,240,000. LSV Asset Management boosted its holdings in shares of Mitek Systems by 852.1% in the 1st quarter. LSV Asset Management now owns 735,899 shares of the software maker’s stock valued at $10,376,000 after acquiring an additional 658,603 shares during the last quarter. Thompson Siegel & Walmsley LLC boosted its holdings in shares of Mitek Systems by 259.9% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock valued at $8,567,000 after acquiring an additional 553,379 shares during the last quarter. Foundry Partners LLC purchased a new stake in shares of Mitek Systems in the 2nd quarter valued at $3,275,000. Finally, Kopp LeRoy C purchased a new stake in Mitek Systems during the first quarter worth $3,340,000. 83.64% of the stock is 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.