Mitek Systems, Inc. (NASDAQ:MITK) Short Interest Update

Mitek Systems, Inc. (NASDAQ:MITK) was the recipient of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 1,030,000 shares, a growth of 10.9% from the December 15th total of 928,700 shares. Based on an average trading volume of 395,300 shares, the days-to-cover ratio is currently 2.6 days. Currently, 2.6% of the shares of the company are short sold.

A number of analysts recently commented on the company. ValuEngine upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Roth Capital downgraded shares of Mitek Systems from a “buy” rating to a “neutral” rating and lowered their price target for the company from $12.50 to $8.00 in a report on Friday, November 15th. BidaskClub upgraded shares of Mitek Systems from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Zacks Investment Research downgraded Mitek Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $13.25.

In other news, insider Michael E. Diamond sold 3,868 shares of Mitek Systems stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $9.48, for a total value of $36,668.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 12,385 shares of company stock valued at $101,466 over the last quarter. Company insiders own 8.20% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Raging Capital Management LLC lifted its holdings in Mitek Systems by 206.2% during the 2nd quarter. Raging Capital Management LLC now owns 1,067,330 shares of the software maker’s stock valued at $10,609,000 after buying an additional 718,729 shares in the last quarter. Royal Bank of Canada raised its holdings in Mitek Systems by 63.5% during the 2nd quarter. Royal Bank of Canada now owns 1,123,802 shares of the software maker’s stock worth $11,171,000 after purchasing an additional 436,428 shares during the last quarter. River & Mercantile Asset Management LLP acquired a new stake in shares of Mitek Systems during the second quarter worth $4,187,000. Nuveen Asset Management LLC boosted its position in Mitek Systems by 737.7% during the second quarter. Nuveen Asset Management LLC now owns 380,706 shares of the software maker’s stock valued at $3,784,000 after acquiring an additional 335,262 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in shares of Mitek Systems by 2,576.7% in the 2nd quarter. Prudential Financial Inc. now owns 278,674 shares of the software maker’s stock worth $2,770,000 after acquiring an additional 268,263 shares in the last quarter. Institutional investors own 57.08% of the company’s stock.

MITK traded up $0.30 on Thursday, hitting $9.55. The company had a trading volume of 17,762 shares, compared to its average volume of 347,156. The company has a market cap of $384.59 million, a PE ratio of 50.26, a PEG ratio of 2.39 and a beta of -0.36. Mitek Systems has a 12-month low of $6.96 and a 12-month high of $13.07. The business’s fifty day simple moving average is $7.60 and its 200 day simple moving average is $9.10.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.09. The company had revenue of $25.02 million for the quarter, compared to analyst estimates of $25.02 million. Mitek Systems had a negative net margin of 0.86% and a positive return on equity of 8.91%. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.14 EPS. On average, sell-side analysts anticipate that Mitek Systems will post 0.25 EPS for the current year.

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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