Zacks Research Upgrades Mitek Systems (NASDAQ:MITK) to Strong-Buy

Mitek Systems (NASDAQ:MITK) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

MITK has been the topic of a number of other research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Mitek Systems in a report on Friday, August 7th. Wall Street Zen raised Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Finally, Maxim Group set a $26.00 price objective on shares of Mitek Systems in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $19.33.

Mitek Systems Stock Performance

Shares of NASDAQ MITK opened at $18.88 on Tuesday. Mitek Systems has a 1-year low of $8.53 and a 1-year high of $21.05. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.19. The stock’s 50-day moving average is $18.12 and its 200 day moving average is $15.56. The stock has a market cap of $851.87 million, a price-to-earnings ratio of 40.17 and a beta of 0.98.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.06. The business had revenue of $54.04 million during the quarter, compared to the consensus estimate of $50.82 million. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. On average, sell-side analysts anticipate that Mitek Systems will post 0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Mitek Systems

Institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC grew its position in shares of Mitek Systems by 320.3% during the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock worth $60,000 after purchasing an additional 4,586 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Mitek Systems by 305.2% in the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock worth $85,000 after purchasing an additional 6,082 shares during the period. Russell Investments Group Ltd. increased its position in Mitek Systems by 4,147.9% during the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after acquiring an additional 9,706 shares during the last quarter. AXQ Capital LP bought a new position in Mitek Systems during the 4th quarter valued at about $117,000. Finally, Bayesian Capital Management LP bought a new position in shares of Mitek Systems during the second quarter valued at approximately $136,000. 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.