Mitek Systems (MITK) Upgraded to “Buy” at BidaskClub

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Mitek Systems (NASDAQ:MITK) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

A number of other equities analysts have also recently weighed in on the stock. ValuEngine raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a research report on Sunday, June 17th. Zacks Investment Research raised shares of Mitek Systems from a “sell” rating to a “hold” rating in a research report on Thursday, March 29th. Finally, National Securities began coverage on shares of Mitek Systems in a research report on Friday, March 9th. They set a “buy” rating and a $14.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $12.00.

Mitek Systems opened at $9.45 on Friday, MarketBeat reports. The company has a market cap of $327.80 million, a P/E ratio of 45.00, a P/E/G ratio of 23.38 and a beta of 0.42. Mitek Systems has a fifty-two week low of $7.00 and a fifty-two week high of $10.75.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Tuesday, May 1st. The software maker reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.02. The firm had revenue of $14.28 million during the quarter, compared to analysts’ expectations of $13.41 million. Mitek Systems had a net margin of 12.89% and a return on equity of 6.68%. The firm’s quarterly revenue was up 25.0% on a year-over-year basis. During the same quarter last year, the company posted $0.08 EPS. analysts expect that Mitek Systems will post 0.03 earnings per share for the current fiscal year.

In other Mitek Systems news, insider Jason Gray sold 7,452 shares of the firm’s stock in a transaction that occurred on Friday, April 27th. The shares were sold at an average price of $7.90, for a total value of $58,870.80. Following the completion of the transaction, the insider now owns 83,536 shares of the company’s stock, valued at approximately $659,934.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James B. Debello sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 16th. The shares were sold at an average price of $8.48, for a total transaction of $424,000.00. Following the completion of the transaction, the chief executive officer now directly owns 787,340 shares of the company’s stock, valued at approximately $6,676,643.20. The disclosure for this sale can be found here. Insiders sold a total of 108,840 shares of company stock valued at $930,023 in the last three months. 8.52% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of MITK. Koch Industries Inc. purchased a new position in Mitek Systems in the 4th quarter valued at approximately $111,000. MetLife Investment Advisors LLC purchased a new position in Mitek Systems in the 4th quarter valued at approximately $135,000. SG Americas Securities LLC purchased a new position in Mitek Systems in the 4th quarter valued at approximately $161,000. Global X Management Co. LLC boosted its position in Mitek Systems by 181.0% in the 4th quarter. Global X Management Co. LLC now owns 20,277 shares of the software maker’s stock valued at $181,000 after buying an additional 13,062 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in Mitek Systems by 35.7% in the 1st quarter. Russell Investments Group Ltd. now owns 25,741 shares of the software maker’s stock valued at $190,000 after buying an additional 6,772 shares during the period. 45.93% of the stock is owned by institutional investors.

About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions for enterprise customers worldwide. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences and transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile Websites, and desktop applications; Mobile Fill to pre-fill forms with personal data by simply snapping a picture of the consumer's driver license, credit card, or other document; Mobile Docs, a mobile document scanning solution; and MiSnap Multi-Check Capture, a software development kit that banks embed in their business banking app that facilitates capture of various checks in one deposit session.

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