Mitek Systems (NASDAQ:MITK) Receives “Buy” Rating from Maxim Group

Maxim Group restated their buy rating on shares of Mitek Systems (NASDAQ:MITKGet Rating) in a research note issued to investors on Friday morning, TipRanks reports. The firm currently has a $28.00 price target on the software maker’s stock.

Other research analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Mitek Systems from a strong-buy rating to a buy rating in a report on Monday, April 18th. Northland Securities cut their price target on shares of Mitek Systems from $24.00 to $20.00 in a report on Wednesday, April 20th. Zacks Investment Research downgraded shares of Mitek Systems from a buy rating to a hold rating in a report on Thursday, January 6th. Finally, HC Wainwright cut their price target on shares of Mitek Systems from $27.00 to $22.00 in a report on Friday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Mitek Systems currently has a consensus rating of Buy and a consensus target price of $22.25.

MITK stock traded down $1.83 during midday trading on Friday, reaching $11.17. The company had a trading volume of 2,425,028 shares, compared to its average volume of 349,568. Mitek Systems has a 1 year low of $10.35 and a 1 year high of $23.29. The company has a current ratio of 5.75, a quick ratio of 5.75 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $494.83 million, a P/E ratio of 48.57 and a beta of 0.45. The company has a 50 day moving average of $13.99 and a two-hundred day moving average of $16.02.

Mitek Systems (NASDAQ:MITKGet Rating) last released its earnings results on Thursday, April 28th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. Mitek Systems had a net margin of 7.42% and a return on equity of 15.74%. The company had revenue of $34.70 million during the quarter, compared to the consensus estimate of $33.02 million. During the same quarter in the prior year, the firm earned $0.11 EPS. The company’s revenue was up 20.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Mitek Systems will post 0.64 earnings per share for the current year.

In other Mitek Systems news, insider Jason Gray sold 3,589 shares of the business’s stock in a transaction on Tuesday, March 22nd. The shares were sold at an average price of $14.20, for a total transaction of $50,963.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Scipio Maximus Carnecchia sold 9,957 shares of the business’s stock in a transaction on Tuesday, March 22nd. The stock was sold at an average price of $14.20, for a total transaction of $141,389.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,958 shares of company stock valued at $240,815. Company insiders own 3.40% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Davy Global Fund Management Ltd increased its holdings in shares of Mitek Systems by 25.8% during the 1st quarter. Davy Global Fund Management Ltd now owns 159,291 shares of the software maker’s stock worth $2,337,000 after purchasing an additional 32,699 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Mitek Systems by 9.4% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 38,595 shares of the software maker’s stock worth $566,000 after purchasing an additional 3,315 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Mitek Systems by 695.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 49,022 shares of the software maker’s stock worth $719,000 after purchasing an additional 42,863 shares during the period. Wedbush Securities Inc. increased its holdings in shares of Mitek Systems by 17.9% during the 1st quarter. Wedbush Securities Inc. now owns 24,375 shares of the software maker’s stock worth $358,000 after purchasing an additional 3,700 shares during the period. Finally, Norges Bank bought a new position in shares of Mitek Systems during the 4th quarter worth about $793,000. Institutional investors own 66.20% of the company’s stock.

Mitek Systems Company Profile (Get Rating)

Mitek Systems, Inc develops, markets, and sells mobile image capture and digital identity verification solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and web browsers to facilitate digital consumer experiences.

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