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

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

Several other research analysts have also recently issued reports on MITK. Craig Hallum decreased their price target on Mitek Systems from $19.00 to $15.00 and set a buy rating for the company in a research note on Friday, August 9th. StockNews.com raised Mitek Systems from a hold rating to a buy rating in a research note on Friday, July 12th. Finally, Maxim Group decreased their price target on Mitek Systems from $23.00 to $13.00 and set a buy rating for the company in a research note on Monday.

Mitek Systems Stock Performance

MITK stock opened at $8.16 on Monday. The company has a current ratio of 4.27, a quick ratio of 4.27 and a debt-to-equity ratio of 0.65. The firm has a market cap of $381.81 million, a P/E ratio of -51.00 and a beta of 1.09. Mitek Systems has a 12-month low of $7.35 and a 12-month high of $16.24. The stock’s 50 day simple moving average is $11.46 and its 200 day simple moving average is $12.32.

Mitek Systems (NASDAQ:MITK) last issued its 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 company had revenue of $45.00 million during the quarter, compared to analyst estimates of $47.99 million. During the same period in the prior year, the business earned $0.16 earnings per share. Mitek Systems’s quarterly revenue was up 4.4% on a year-over-year basis. As a group, equities research analysts predict that Mitek Systems will post 0.73 EPS for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MITK. Squarepoint Ops LLC bought a new position in Mitek Systems in the 2nd quarter worth approximately $138,000. Marshall Wace LLP increased its position in Mitek Systems by 251.1% in the 2nd quarter. Marshall Wace LLP now owns 309,163 shares of the software maker’s stock worth $3,456,000 after buying an additional 221,116 shares during the period. Lombard Odier Asset Management USA Corp bought a new position in Mitek Systems in the 2nd quarter worth approximately $463,000. Dimensional Fund Advisors LP increased its position in Mitek Systems by 8.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock worth $18,531,000 after buying an additional 128,282 shares during the period. Finally, Thompson Siegel & Walmsley LLC increased its position in Mitek Systems by 259.9% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock worth $8,567,000 after buying an additional 553,379 shares during the period. Institutional investors and hedge funds own 83.64% of the company’s stock.

Mitek Systems Company Profile

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.