Zacks Investment Research Lowers Mitek Systems (MITK) to Hold

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Zacks Investment Research lowered shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a report published on Saturday morning.

According to Zacks, “Mitek Systems, Inc. is primarily engaged in the development and sale of software products with particular focus on intelligent character recognition and forms processing technology, products and services for the document imaging markets. They develop, market and support what they believe to be the most accurate Automated Document Recognition (ADR) products commercially available for the recognition of hand printed characters. “

Several other research analysts have also recently issued reports on the stock. National Securities set a $18.00 target price on shares of Mitek Systems and gave the stock a buy rating in a report on Tuesday, August 28th. BidaskClub upgraded shares of Mitek Systems from a hold rating to a buy rating in a report on Saturday, August 11th. TheStreet cut shares of Mitek Systems from a b rating to a c+ rating in a report on Friday, July 27th. ValuEngine upgraded shares of Mitek Systems from a hold rating to a buy rating in a report on Thursday, October 18th. Finally, Benchmark cut shares of Mitek Systems from a buy rating to a hold rating and set a $8.00 target price on the stock. in a report on Tuesday, August 28th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $11.08.

NASDAQ MITK opened at $9.52 on Friday. The stock has a market capitalization of $363.61 million, a PE ratio of 73.23, a P/E/G ratio of 3.56 and a beta of -0.26. Mitek Systems has a 12 month low of $6.32 and a 12 month high of $10.10.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, November 1st. The software maker reported $0.14 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.05. Mitek Systems had a negative net margin of 18.58% and a positive return on equity of 5.75%. The firm had revenue of $21.00 million for the quarter, compared to analysts’ expectations of $20.09 million. During the same period in the prior year, the business posted $0.11 earnings per share. The business’s revenue for the quarter was up 62.8% on a year-over-year basis. On average, research analysts predict that Mitek Systems will post 0.18 EPS for the current year.

In other Mitek Systems news, Director James C. Hale III bought 20,000 shares of the company’s stock in a transaction on Friday, August 31st. The shares were bought at an average cost of $7.17 per share, for a total transaction of $143,400.00. Following the acquisition, the director now directly owns 111,135 shares in the company, valued at $796,837.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James B. Debello sold 50,000 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $8.54, for a total transaction of $427,000.00. The disclosure for this sale can be found here. 7.50% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Mount Yale Investment Advisors LLC purchased a new stake in shares of Mitek Systems during the second quarter valued at about $122,000. Mackay Shields LLC purchased a new stake in shares of Mitek Systems during the second quarter valued at about $208,000. Russell Investments Group Ltd. lifted its position in shares of Mitek Systems by 35.7% during the first 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 last quarter. Eqis Capital Management Inc. purchased a new stake in shares of Mitek Systems during the second quarter valued at about $239,000. Finally, First Trust Advisors LP lifted its position in shares of Mitek Systems by 85.0% during the second quarter. First Trust Advisors LP now owns 59,223 shares of the software maker’s stock valued at $527,000 after buying an additional 27,202 shares during the last quarter. 45.93% of the stock is owned by institutional investors and hedge funds.

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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