Insider Selling: Mitek Systems, Inc. (NASDAQ:MITK) Insider Sells 4,544 Shares of Stock

Mitek Systems, Inc. (NASDAQ:MITK) insider Michael E. Diamond sold 4,544 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total value of $41,304.96. Following the completion of the sale, the insider now owns 166,632 shares of the company’s stock, valued at approximately $1,514,684.88. This trade represents a 2.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Mitek Systems Stock Down 1.0 %

Shares of MITK stock opened at $9.14 on Wednesday. The stock’s 50-day simple moving average is $9.00 and its 200-day simple moving average is $10.02. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. The firm has a market capitalization of $422.27 million, a PE ratio of -60.93 and a beta of 1.12. Mitek Systems, Inc. has a fifty-two week low of $7.35 and a fifty-two week high of $16.24.

Analysts Set New Price Targets

A number of equities research analysts have commented on MITK shares. Jefferies Financial Group cut Mitek Systems from a “buy” rating to a “hold” rating and decreased their price target for the company from $17.00 to $9.50 in a research note on Wednesday, September 4th. StockNews.com raised Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, December 6th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.13.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MITK. Price T Rowe Associates Inc. MD raised its position in Mitek Systems by 6.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 31,027 shares of the software maker’s stock valued at $438,000 after acquiring an additional 1,759 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in Mitek Systems during the second quarter valued at approximately $440,000. Bank of New York Mellon Corp raised its position in Mitek Systems by 15.2% during the second quarter. Bank of New York Mellon Corp now owns 189,584 shares of the software maker’s stock valued at $2,120,000 after acquiring an additional 24,970 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in Mitek Systems by 22.1% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 195,315 shares of the software maker’s stock valued at $2,184,000 after acquiring an additional 35,290 shares in the last quarter. Finally, Innealta Capital LLC purchased a new position in Mitek Systems during the second quarter valued at approximately $32,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

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.