Mitek Systems (NASDAQ:MITK) Hits New 52-Week High – Should You Buy?

Mitek Systems, Inc. (NASDAQ:MITK)’s stock price hit a new 52-week high on Thursday . The company traded as high as $13.90 and last traded at $13.43, with a volume of 856959 shares. The stock had previously closed at $13.55.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wall Street Zen raised shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 7th. Jefferies Financial Group upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and raised their price target for the stock from $11.00 to $15.00 in a research note on Friday, February 13th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Mitek Systems in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Mitek Systems Stock Performance

The business has a 50 day moving average of $10.79 and a 200-day moving average of $9.98. The company has a market capitalization of $590.52 million, a P/E ratio of 37.23 and a beta of 1.07.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Squarepoint Ops LLC raised its position 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 buying an additional 944 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in Mitek Systems by 13.6% in the 3rd 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 last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Mitek Systems by 1.9% in the 3rd 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 position in shares of Mitek Systems by 11.6% during the 2nd quarter. CWM LLC now owns 22,696 shares of the software maker’s stock valued at $225,000 after acquiring an additional 2,351 shares during the last quarter. Finally, Aristides Capital LLC boosted its position in shares of Mitek Systems by 4.5% during the 4th quarter. Aristides Capital LLC now owns 55,434 shares of the software maker’s stock valued at $585,000 after acquiring an additional 2,380 shares during the last quarter. 83.64% of the stock is currently owned by hedge funds and other 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.