Maxim Group Issues Positive Forecast for Mitek Systems (NASDAQ:MITK) Stock Price

Mitek Systems (NASDAQ:MITK) had its price target upped by Maxim Group from $13.00 to $14.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

Several other equities analysts have also recently issued reports on the company. StockNews.com upgraded Mitek Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 25th. HC Wainwright restated a “buy” rating and set a $13.00 price objective on shares of Mitek Systems in a research note on Tuesday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.88.

Mitek Systems Stock Performance

Mitek Systems stock opened at $10.16 on Tuesday. The stock has a market cap of $459.54 million, a P/E ratio of 169.33 and a beta of 1.08. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 0.67. The stock has a 50 day moving average of $10.32 and a 200-day moving average of $9.60. Mitek Systems has a 52 week low of $7.35 and a 52 week high of $16.24.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Monday, February 10th. The software maker reported $0.06 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a net margin of 1.90% and a return on equity of 16.64%. On average, analysts expect that Mitek Systems will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling at Mitek Systems

In related news, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the sale, the insider now directly owns 164,342 shares in the company, valued at $1,490,581.94. The trade was a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total transaction of $41,304.96. Following the sale, the insider now owns 166,632 shares in the company, valued at approximately $1,514,684.88. This represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,699 shares of company stock worth $152,140. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Mitek Systems

A number of hedge funds and other institutional investors have recently modified their holdings of MITK. Impax Asset Management Group plc bought a new stake in shares of Mitek Systems during the fourth quarter valued at about $5,565,000. Invenomic Capital Management LP acquired a new position in Mitek Systems during the third quarter worth about $4,068,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Mitek Systems during the fourth quarter worth about $1,259,000. Tocqueville Asset Management L.P. grew its holdings in Mitek Systems by 45.4% during the fourth quarter. Tocqueville Asset Management L.P. now owns 256,300 shares of the software maker’s stock worth $2,853,000 after acquiring an additional 80,000 shares during the period. Finally, Capstone Investment Advisors LLC acquired a new position in Mitek Systems during the third quarter worth about $680,000. 83.64% of the stock is currently owned by institutional investors.

About Mitek Systems

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.