Mitek Systems (MITK) Upgraded to Buy by Zacks Investment Research

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Zacks Investment Research upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $11.00 target price on the software maker’s stock.

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. “

MITK has been the subject of several other reports. National Securities set a $18.00 price target on Mitek Systems and gave the stock a buy rating in a research report on Wednesday, October 24th. BidaskClub lowered Mitek Systems from a buy rating to a hold rating in a research report on Thursday, August 30th. ValuEngine lowered Mitek Systems from a buy rating to a hold rating in a research report on Saturday, July 28th. TheStreet lowered Mitek Systems from a b rating to a c+ rating in a research report on Friday, July 27th. Finally, Benchmark lowered Mitek Systems from a buy rating to a hold rating and set a $8.00 price target for the company. in a research report on Tuesday, August 28th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $12.33.

Shares of MITK traded down $0.26 during trading hours on Tuesday, hitting $9.25. The company had a trading volume of 220,163 shares, compared to its average volume of 541,508. The firm has a market cap of $350.00 million, a price-to-earnings ratio of 71.15, a PEG ratio of 3.19 and a beta of -0.26. Mitek Systems has a one year low of $6.32 and a one year high of $10.00.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, November 1st. The software maker reported $0.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.05. The firm had revenue of $21.00 million during the quarter, compared to analyst estimates of $20.09 million. Mitek Systems had a positive return on equity of 5.75% and a negative net margin of 18.58%. The business’s revenue for the quarter was up 62.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.11 EPS. On average, research analysts forecast that Mitek Systems will post 0.19 earnings per share for the current fiscal year.

In related news, CEO James B. Debello sold 50,000 shares of the company’s 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James C. Hale III bought 20,000 shares of Mitek Systems stock in a transaction that occurred on Friday, August 31st. The shares were acquired at an average cost of $7.17 per share, for a total transaction of $143,400.00. Following the completion of the transaction, the director now directly owns 111,135 shares in the company, valued at $796,837.95. The disclosure for this purchase can be found here. Corporate insiders own 8.52% of the company’s stock.

A number of large investors have recently made changes to their positions in MITK. MML Investors Services LLC acquired a new position in Mitek Systems during the 3rd quarter valued at about $100,000. Mount Yale Investment Advisors LLC acquired a new position in Mitek Systems during the 2nd quarter valued at about $122,000. Russell Investments Group Ltd. increased its position in Mitek Systems by 35.7% during 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 in the last quarter. Mackay Shields LLC acquired a new position in Mitek Systems during the 2nd quarter valued at about $208,000. Finally, Eqis Capital Management Inc. acquired a new position in Mitek Systems during the 2nd quarter valued at about $239,000. 45.93% of the stock is currently owned by institutional investors.

Mitek Systems Company Profile

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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