Mitek Systems (NASDAQ:MITK) Shares Break Above 50-Day Moving Average – What’s Next?

Mitek Systems, Inc. (NASDAQ:MITK) shares crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $17.64 and traded as high as $18.61. Mitek Systems shares last traded at $18.50, with a volume of 650,342 shares traded.

Analyst Ratings Changes

MITK has been the subject of several recent analyst reports. Zacks Research cut shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Maxim Group set a $26.00 target price on Mitek Systems in a research report on Friday, August 7th. Finally, Weiss Ratings upgraded shares of Mitek Systems from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 30th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Mitek Systems has a consensus rating of “Moderate Buy” and a consensus target price of $19.33.

Mitek Systems Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.74 and a quick ratio of 2.74. The company has a 50 day simple moving average of $17.66 and a 200-day simple moving average of $16.10. The stock has a market cap of $845.55 million, a P/E ratio of 39.87 and a beta of 0.95.

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds have recently added to or reduced their stakes in MITK. White Pine Capital LLC bought a new position in shares of Mitek Systems during the third quarter valued at $2,044,000. Bessemer Group Inc. bought a new stake in Mitek Systems in the 3rd quarter worth about $11,161,000. Allworth Financial LP raised its position in Mitek Systems by 103.7% in the 3rd quarter. Allworth Financial LP now owns 1,964 shares of the software maker’s stock worth $33,000 after buying an additional 1,000 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Mitek Systems by 50.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 65,114 shares of the software maker’s stock valued at $1,106,000 after acquiring an additional 21,828 shares during the period. Finally, North Star Investment Management Corp. lifted its stake in Mitek Systems by 1.7% during the 3rd quarter. North Star Investment Management Corp. now owns 146,515 shares of the software maker’s stock valued at $2,498,000 after acquiring an additional 2,420 shares during the period. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

About Mitek Systems

Mitek Systems, Inc. (NASDAQ: MITK) develops software for digital identity verification and mobile banking. Its solutions help financial institutions and businesses verify identities, detect fraud, and make digital interactions more secure. The company’s products include identity verification tools that use document and biometric checks, as well as mobile image-capture technology. Mitek also provides mobile check deposit and related solutions that enable customers to deposit checks through a banking app.