HC Wainwright Raises Mitek Systems (NASDAQ:MITK) Price Target to $13.00

Mitek Systems (NASDAQ:MITKGet Free Report) had its price target boosted by equities research analysts at HC Wainwright from $11.00 to $13.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. HC Wainwright’s target price points to a potential upside of 20.82% from the company’s current price.

Several other equities analysts have also commented on the company. StockNews.com upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. Jefferies Financial Group lowered shares of Mitek Systems from a “buy” rating to a “hold” rating and cut their price objective for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $12.63.

Check Out Our Latest Analysis on Mitek Systems

Mitek Systems Price Performance

Shares of MITK stock opened at $10.76 on Tuesday. The stock has a 50 day moving average price of $9.13 and a 200 day moving average price of $9.91. The firm has a market capitalization of $497.16 million, a P/E ratio of -71.73 and a beta of 1.12. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. Mitek Systems has a 52-week low of $7.35 and a 52-week high of $16.24.

Mitek Systems (NASDAQ:MITKGet Free Report) last released its earnings results on Monday, December 16th. The software maker reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.16. The business had revenue of $43.22 million during the quarter, compared to the consensus estimate of $41.30 million. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period last year, the company earned $0.15 earnings per share. As a group, sell-side analysts predict that Mitek Systems will post 0.56 earnings per share for the current year.

Insider Buying and Selling at Mitek Systems

In related news, insider Michael E. Diamond sold 4,544 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total transaction of $41,304.96. Following the completion of the sale, the insider now owns 166,632 shares of the company’s stock, valued at $1,514,684.88. This represents a 2.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Christopher H. Briggs sold 3,320 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total value of $30,145.60. Following the transaction, the senior vice president now directly owns 65,353 shares in the company, valued at approximately $593,405.24. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,699 shares of company stock valued at $152,140. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mitek Systems

Institutional investors have recently added to or reduced their stakes in the business. nVerses Capital LLC raised its position in shares of Mitek Systems by 25.5% in the 3rd quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock valued at $55,000 after purchasing an additional 1,300 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Mitek Systems by 12.0% during the second quarter. The Manufacturers Life Insurance Company now owns 17,937 shares of the software maker’s stock worth $201,000 after buying an additional 1,923 shares during the period. Charles Schwab Investment Management Inc. grew 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 buying an additional 2,460 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Mitek Systems by 4.0% in the 3rd quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock valued at $640,000 after acquiring an additional 2,806 shares during the period. Finally, Innealta Capital LLC purchased a new position in Mitek Systems in the 2nd quarter worth $32,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

About Mitek Systems

(Get Free Report)

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.

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