Mitek Systems (NASDAQ:MITK) Hits New 12-Month High – What’s Next?

Mitek Systems, Inc. (NASDAQ:MITK) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $14.65 and last traded at $14.42, with a volume of 1827007 shares trading hands. The stock had previously closed at $12.88.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MITK. Weiss Ratings restated a “hold (c)” rating on shares of Mitek Systems in a research report on Monday, December 29th. Jefferies Financial Group upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and boosted their target price for the company from $11.00 to $15.00 in a research note on Friday, February 13th. Finally, Wall Street Zen raised Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $15.00.

Mitek Systems Stock Performance

The company has a market capitalization of $666.70 million, a PE ratio of 42.26 and a beta of 1.07. The company’s fifty day moving average is $10.90 and its 200-day moving average is $10.04.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $44.24 million during the quarter, compared to analyst estimates of $42.44 million. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. On average, sell-side analysts expect that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Institutional Trading of Mitek Systems

Several institutional investors have recently made changes to their positions in MITK. Squarepoint Ops LLC grew its holdings in shares of Mitek Systems by 2.5% in the fourth quarter. Squarepoint Ops LLC now owns 38,611 shares of the software maker’s stock worth $407,000 after purchasing an additional 944 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Mitek Systems by 13.6% during the third quarter. Harbor Capital Advisors Inc. now owns 12,100 shares of the software maker’s stock worth $118,000 after acquiring an additional 1,449 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in shares of Mitek Systems by 1.9% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 121,514 shares of the software maker’s stock valued at $1,187,000 after acquiring an additional 2,225 shares in the last quarter. CWM LLC boosted its holdings in shares of Mitek Systems by 11.6% in the second quarter. CWM LLC now owns 22,696 shares of the software maker’s stock valued at $225,000 after purchasing an additional 2,351 shares during the period. Finally, Aristides Capital LLC grew its stake in Mitek Systems by 4.5% in the fourth quarter. Aristides Capital LLC now owns 55,434 shares of the software maker’s stock worth $585,000 after purchasing an additional 2,380 shares in the last quarter. Hedge funds and other institutional investors own 83.64% of the company’s stock.

About Mitek Systems

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.