Craig Hallum Lowers Mitek Systems (NASDAQ:MITK) Price Target to $15.00

Mitek Systems (NASDAQ:MITK) had its target price reduced by Craig Hallum from $19.00 to $15.00 in a research report report published on Friday, Benzinga reports. Craig Hallum currently has a buy rating on the software maker’s stock.

Several other research firms have also commented on MITK. HC Wainwright reiterated a buy rating and issued a $19.00 price target on shares of Mitek Systems in a research report on Tuesday, May 14th. StockNews.com upgraded shares of Mitek Systems from a hold rating to a buy rating in a research report on Friday, July 12th.

Mitek Systems Stock Down 25.4 %

Shares of NASDAQ:MITK traded down $2.87 during trading on Friday, hitting $8.42. The company’s stock had a trading volume of 3,306,946 shares, compared to its average volume of 538,962. The business has a 50 day moving average price of $11.71 and a two-hundred day moving average price of $12.41. The company has a market capitalization of $393.98 million, a PE ratio of -52.63 and a beta of 1.09. The company has a debt-to-equity ratio of 0.65, a quick ratio of 4.27 and a current ratio of 4.27. Mitek Systems has a fifty-two week low of $7.35 and a fifty-two week high of $16.24.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Monday, May 13th. The software maker reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.04). Mitek Systems had a negative net margin of 4.49% and a positive return on equity of 11.71%. The company had revenue of $46.97 million during the quarter, compared to analysts’ expectations of $46.49 million. As a group, research analysts expect that Mitek Systems will post 0.73 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Donna Wells sold 16,839 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $12.46, for a total value of $209,813.94. Following the completion of the sale, the director now owns 38,552 shares of the company’s stock, valued at approximately $480,357.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Donna Wells sold 16,839 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $12.46, for a total value of $209,813.94. Following the completion of the sale, the director now owns 38,552 shares of the company’s stock, valued at approximately $480,357.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Christopher H. Briggs sold 24,000 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $11.10, for a total transaction of $266,400.00. Following the completion of the sale, the senior vice president now directly owns 68,673 shares of the company’s stock, valued at approximately $762,270.30. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Mitek Systems by 4.1% during the first quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock valued at $49,599,000 after purchasing an additional 138,438 shares during the last quarter. Independent Advisor Alliance lifted its stake in Mitek Systems by 2.2% during the fourth quarter. Independent Advisor Alliance now owns 1,840,235 shares of the software maker’s stock valued at $23,997,000 after purchasing an additional 39,995 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Mitek Systems by 8.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,657,465 shares of the software maker’s stock valued at $18,531,000 after purchasing an additional 128,282 shares during the last quarter. Thompson Siegel & Walmsley LLC raised its holdings in shares of Mitek Systems by 259.9% during the second quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock valued at $8,567,000 after acquiring an additional 553,379 shares during the period. Finally, LSV Asset Management raised its holdings in shares of Mitek Systems by 0.4% during the second quarter. LSV Asset Management now owns 738,799 shares of the software maker’s stock valued at $8,260,000 after acquiring an additional 2,900 shares during the period. 83.64% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Company Profile

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.