BidaskClub Downgrades Mitek Systems (NASDAQ:MITK) to Hold

BidaskClub lowered shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a report released on Thursday morning, BidAskClub reports.

A number of other analysts have also commented on the company. Zacks Investment Research raised Mitek Systems from a hold rating to a strong-buy rating and set a $11.00 price objective for the company in a report on Thursday, February 6th. Roth Capital lowered Mitek Systems from a buy rating to a neutral rating and reduced their target price for the company from $12.50 to $8.00 in a report on Friday, November 15th. Finally, ValuEngine lowered Mitek Systems from a buy rating to a hold rating in a report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $13.25.

MITK traded down $0.03 during midday trading on Thursday, reaching $9.89. 420,417 shares of the company were exchanged, compared to its average volume of 418,401. The company’s fifty day moving average price is $8.77 and its 200 day moving average price is $8.96. The company has a market cap of $404.45 million, a price-to-earnings ratio of 141.31, a price-to-earnings-growth ratio of 2.09 and a beta of -0.40. Mitek Systems has a one year low of $6.96 and a one year high of $13.07.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, January 30th. The software maker reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.05. The firm had revenue of $22.07 million during the quarter, compared to analyst estimates of $21.45 million. Mitek Systems had a return on equity of 12.32% and a net margin of 3.40%. The company’s revenue for the quarter was up 24.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 EPS. On average, sell-side analysts forecast that Mitek Systems will post 0.29 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY grew its holdings in shares of Mitek Systems by 16.5% in the third quarter. Metropolitan Life Insurance Co NY now owns 11,210 shares of the software maker’s stock valued at $108,000 after acquiring an additional 1,589 shares in the last quarter. Teton Advisors Inc. grew its holdings in shares of Mitek Systems by 2.3% in the third quarter. Teton Advisors Inc. now owns 89,500 shares of the software maker’s stock valued at $864,000 after acquiring an additional 2,000 shares in the last quarter. Swiss National Bank grew its holdings in shares of Mitek Systems by 2.7% in the fourth quarter. Swiss National Bank now owns 76,800 shares of the software maker’s stock valued at $588,000 after acquiring an additional 2,000 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Mitek Systems by 62.1% in the fourth quarter. Bank of Montreal Can now owns 5,246 shares of the software maker’s stock valued at $40,000 after acquiring an additional 2,010 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Mitek Systems by 24.5% in the third quarter. Envestnet Asset Management Inc. now owns 15,047 shares of the software maker’s stock valued at $145,000 after acquiring an additional 2,962 shares in the last quarter. 56.87% of the stock is owned by institutional investors.

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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