Mitek Systems (NASDAQ:MITK) Downgraded to “Hold” Rating by StockNews.com

StockNews.com cut shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a report issued on Tuesday morning.

A number of other research analysts have also issued reports on the company. Craig Hallum reduced their price objective on Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Maxim Group reduced their price objective on Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Jefferies Financial Group lowered Mitek Systems from a “buy” rating to a “hold” rating and reduced their price objective for the company from $17.00 to $9.50 in a research report on Wednesday, September 4th. Finally, HC Wainwright reduced their price objective on Mitek Systems from $19.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.13.

Mitek Systems Price Performance

Shares of NASDAQ MITK opened at $9.34 on Tuesday. Mitek Systems has a twelve month low of $7.35 and a twelve month high of $16.24. The company has a current ratio of 4.46, a quick ratio of 4.46 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $431.51 million, a price-to-earnings ratio of -62.27 and a beta of 1.07. The business has a 50 day simple moving average of $8.82 and a 200-day simple moving average of $10.43.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC lifted its position in Mitek Systems by 25.5% in the 3rd quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after buying an additional 1,300 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Mitek Systems by 6.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,027 shares of the software maker’s stock worth $438,000 after purchasing an additional 1,759 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Mitek Systems by 12.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,937 shares of the software maker’s stock worth $201,000 after purchasing an additional 1,923 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Mitek Systems by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock worth $1,134,000 after purchasing an additional 2,460 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Mitek Systems by 4.0% during the 3rd quarter. Janus Henderson Group PLC now owns 73,752 shares of the software maker’s stock worth $640,000 after purchasing an additional 2,806 shares during the last quarter. Institutional investors and hedge funds own 83.64% of the company’s stock.

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.