Mitek Systems (MITK) Downgraded by BidaskClub to “Strong Sell”

Mitek Systems (NASDAQ:MITK) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Saturday, BidAskClub reports.

Several other analysts also recently issued reports on MITK. ValuEngine downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Monday, February 25th. National Securities reissued a “buy” rating and set a $20.00 target price on shares of Mitek Systems in a research note on Thursday, May 2nd. Finally, Benchmark reissued a “buy” rating and set a $14.00 target price (down from $15.00) on shares of Mitek Systems in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $15.00.

Shares of NASDAQ:MITK opened at $10.29 on Friday. Mitek Systems has a 12-month low of $6.32 and a 12-month high of $13.07. The firm has a market cap of $398.58 million, a price-to-earnings ratio of 79.15, a PEG ratio of 4.96 and a beta of -0.40.



Mitek Systems (NASDAQ:MITK) last announced its earnings results on Wednesday, May 1st. The software maker reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. Mitek Systems had a negative net margin of 11.79% and a positive return on equity of 4.43%. The company had revenue of $19.98 million for the quarter, compared to the consensus estimate of $19.20 million. During the same period in the previous year, the business earned $0.06 EPS. The company’s revenue was up 39.9% on a year-over-year basis. Equities research analysts anticipate that Mitek Systems will post 0.14 earnings per share for the current year.

In other news, insider Michael E. Diamond sold 38,587 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $11.00, for a total value of $424,457.00. Following the transaction, the insider now directly owns 221,477 shares of the company’s stock, valued at $2,436,247. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Gray sold 7,145 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $11.60, for a total transaction of $82,882.00. The disclosure for this sale can be found here. Corporate insiders own 8.20% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sargent Investment Group LLC acquired a new position in shares of Mitek Systems in the fourth quarter worth $6,106,000. Teton Advisors Inc. increased its stake in shares of Mitek Systems by 4.4% in the fourth quarter. Teton Advisors Inc. now owns 70,500 shares of the software maker’s stock worth $762,000 after acquiring an additional 3,000 shares during the last quarter. Vanguard Group Inc increased its stake in shares of Mitek Systems by 6.8% in the third quarter. Vanguard Group Inc now owns 1,790,442 shares of the software maker’s stock worth $12,622,000 after acquiring an additional 114,572 shares during the last quarter. Harvest Management LLC acquired a new position in shares of Mitek Systems in the fourth quarter worth $108,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Mitek Systems in the fourth quarter worth $581,000. 51.61% of the stock is currently owned by institutional investors and hedge funds.

About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.

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