Mitek Systems (NASDAQ:MITK) Stock Price Passes Above 200 Day Moving Average – Time to Sell?

Shares of Mitek Systems, Inc. (NASDAQ:MITK) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $14.00 and traded as high as $19.60. Mitek Systems shares last traded at $19.44, with a volume of 625,071 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Northland Securities set a $17.00 target price on Mitek Systems in a research note on Wednesday, April 15th. Zacks Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Weiss Ratings raised Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Finally, Wall Street Zen cut Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Mitek Systems has an average rating of “Hold” and a consensus price target of $16.00.

Mitek Systems Price Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.61 and a current ratio of 2.61. The business has a 50 day simple moving average of $16.61 and a 200-day simple moving average of $14.00. The firm has a market cap of $877.91 million, a price-to-earnings ratio of 55.54 and a beta of 0.97.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.26 by $0.12. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%.The firm had revenue of $54.84 million during the quarter, compared to the consensus estimate of $52.59 million. Equities research analysts expect that Mitek Systems, Inc. will post 0.86 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Garrett Gafke sold 21,108 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $14.19, for a total value of $299,522.52. Following the completion of the sale, the chief operating officer directly owned 244,279 shares of the company’s stock, valued at approximately $3,466,319.01. This represents a 7.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.20% of the company’s stock.

Institutional Trading of Mitek Systems

Institutional investors and hedge funds have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. bought a new position in shares of Mitek Systems during the second quarter valued at about $640,000. Pacer Advisors Inc. bought a new stake in Mitek Systems in the 1st quarter worth about $2,312,000. Anson Funds Management LP purchased a new stake in Mitek Systems in the 1st quarter valued at about $998,000. Maverick Capital Ltd. purchased a new stake in Mitek Systems in the 1st quarter valued at about $589,000. Finally, Quantinno Capital Management LP lifted its position in shares of Mitek Systems by 230.3% during the 1st quarter. Quantinno Capital Management LP now owns 50,609 shares of the software maker’s stock worth $683,000 after buying an additional 35,289 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.