Mitek Systems (NASDAQ:MITK) Upgraded at StockNews.com

StockNews.com upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a research report sent to investors on Monday morning.

Several other equities research analysts have also recently weighed in on MITK. HC Wainwright lowered their price target on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Jefferies Financial Group cut Mitek Systems from a “buy” rating to a “hold” rating and dropped their target price for the company from $17.00 to $9.50 in a research report on Wednesday, September 4th. Maxim Group reduced their price target on Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, Craig Hallum cut their target price on Mitek Systems from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $12.13.

Mitek Systems Stock Down 2.3 %

Shares of NASDAQ:MITK opened at $9.24 on Monday. Mitek Systems has a 52-week low of $7.35 and a 52-week high of $16.24. The business’s 50 day moving average is $8.76 and its 200 day moving average is $10.57. The stock has a market cap of $426.89 million, a P/E ratio of -61.60 and a beta of 1.07. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68.

Hedge Funds Weigh In On Mitek Systems

Large investors have recently made changes to their positions in the business. Capstone Investment Advisors LLC purchased a new position in Mitek Systems during the 3rd quarter worth $680,000. BNP Paribas Financial Markets boosted its holdings in Mitek Systems by 357.0% in the third quarter. BNP Paribas Financial Markets now owns 82,578 shares of the software maker’s stock worth $716,000 after acquiring an additional 64,509 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Mitek Systems during the third quarter worth about $340,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Mitek Systems by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock valued at $1,134,000 after acquiring an additional 2,460 shares in the last quarter. Finally, Foundry Partners LLC raised its position in shares of Mitek Systems by 18.5% in the 3rd quarter. Foundry Partners LLC now owns 347,195 shares of the software maker’s stock valued at $3,010,000 after purchasing an additional 54,235 shares during the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

About Mitek Systems

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.