Mitek Systems (NASDAQ:MITK) Sets New 1-Year High – Here’s Why

Mitek Systems, Inc. (NASDAQ:MITK) reached a new 52-week high on Friday . The stock traded as high as $18.15 and last traded at $18.0650, with a volume of 143657 shares trading hands. The stock had previously closed at $17.65.

Wall Street Analysts Forecast Growth

MITK has been the topic of several research reports. Weiss Ratings upgraded Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Wall Street Zen downgraded Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Zacks Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Finally, Northland Securities set a $17.00 price objective on Mitek Systems in a research report on Wednesday, April 15th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $16.00.

Mitek Systems Stock Performance

The firm has a market cap of $841.33 million, a P/E ratio of 53.24 and a beta of 1.02. The stock’s 50 day moving average is $15.62 and its two-hundred day moving average is $13.31. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.61 and a quick ratio of 2.61.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.12. The firm had revenue of $54.84 million during the quarter, compared to analysts’ expectations of $52.59 million. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. As a group, equities analysts predict that Mitek Systems, Inc. will post 0.86 EPS for the current year.

Insider Activity

In other news, COO Garrett Gafke sold 152,529 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $13.92, for a total value of $2,123,203.68. Following the completion of the transaction, the chief operating officer directly owned 265,387 shares of the company’s stock, valued at approximately $3,694,187.04. This represents a 36.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.20% of the company’s stock.

Institutional Trading of Mitek Systems

Large investors have recently bought and sold shares of the stock. Mak Capital One LLC acquired a new position in Mitek Systems during the fourth quarter worth $6,690,000. Topline Capital Management LLC bought a new position in shares of Mitek Systems during the second quarter valued at $5,235,000. Congruence Capital LLC acquired a new stake in shares of Mitek Systems in the 4th quarter valued at $4,106,000. Tudor Investment Corp ET AL boosted its stake in shares of Mitek Systems by 1,026.3% in the 3rd quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock valued at $2,255,000 after purchasing an additional 210,352 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Mitek Systems by 109.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 395,956 shares of the software maker’s stock worth $4,177,000 after purchasing an additional 206,593 shares during the last quarter. 83.64% of the stock is currently owned by institutional investors.

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.