Brokerages Set Mitek Systems, Inc. (NASDAQ:MITK) Target Price at $14.75

Mitek Systems, Inc. (NASDAQ:MITK) has been assigned a consensus rating of “Buy” from the six research firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $14.75.

A number of equities analysts have recently commented on MITK shares. ValuEngine downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. BidaskClub raised shares of Mitek Systems from a “sell” rating to a “hold” rating in a report on Thursday. Zacks Investment Research raised shares of Mitek Systems from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a report on Wednesday, September 25th. Finally, Roth Capital set a $14.00 price objective on shares of Mitek Systems and gave the stock a “buy” rating in a report on Friday, July 19th.

In related news, insider Jason Gray sold 8,753 shares of Mitek Systems stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $9.84, for a total transaction of $86,129.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen Ritter sold 15,000 shares of Mitek Systems stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $9.93, for a total transaction of $148,950.00. The disclosure for this sale can be found here. Company insiders own 8.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Mitek Systems by 2.8% in the second quarter. Vanguard Group Inc. now owns 1,835,393 shares of the software maker’s stock worth $18,244,000 after acquiring an additional 49,648 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Mitek Systems by 63.5% in the second quarter. Royal Bank of Canada now owns 1,123,802 shares of the software maker’s stock worth $11,171,000 after acquiring an additional 436,428 shares during the last quarter. Park West Asset Management LLC bought a new position in shares of Mitek Systems in the second quarter worth about $10,934,000. Raging Capital Management LLC raised its stake in shares of Mitek Systems by 206.2% in the second quarter. Raging Capital Management LLC now owns 1,067,330 shares of the software maker’s stock worth $10,609,000 after acquiring an additional 718,729 shares during the last quarter. Finally, Independent Advisor Alliance raised its stake in shares of Mitek Systems by 8.9% in the second quarter. Independent Advisor Alliance now owns 690,770 shares of the software maker’s stock worth $6,866,000 after acquiring an additional 56,350 shares during the last quarter. 61.46% of the stock is owned by hedge funds and other institutional investors.

NASDAQ MITK traded up $0.06 during midday trading on Wednesday, hitting $10.01. The company had a trading volume of 194,693 shares, compared to its average volume of 388,592. The stock has a market cap of $401.97 million, a price-to-earnings ratio of 76.96, a P/E/G ratio of 2.59 and a beta of -0.16. The firm has a fifty day simple moving average of $9.74 and a two-hundred day simple moving average of $10.41. Mitek Systems has a fifty-two week low of $6.32 and a fifty-two week high of $13.07.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, July 25th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.02. The company had revenue of $21.91 million for the quarter, compared to analyst estimates of $21.74 million. Mitek Systems had a negative net margin of 7.61% and a positive return on equity of 6.33%. The business’s quarterly revenue was up 36.0% on a year-over-year basis. During the same period last year, the business posted $0.06 EPS. As a group, research analysts anticipate that Mitek Systems will post 0.16 EPS for the current year.

Mitek Systems Company Profile

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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