Mitek Systems, Inc. (MITK) Cut to “Sell” at Zacks Investment Research

Mitek Systems, Inc. (NASDAQ:MITK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, November 7th.

According to Zacks, “Mitek Systems, Inc. is primarily engaged in the development and sale of software products with particular focus on intelligent character recognition and forms processing technology, products and services for the document imaging markets. They develop, market and support what they believe to be the most accurate Automated Document Recognition (ADR) products commercially available for the recognition of hand printed characters. “

Several other equities research analysts have also commented on the stock. Benchmark Co. upped their price target on shares of Mitek Systems from $10.00 to $12.00 and gave the company a “buy” rating in a report on Monday, July 24th. Northland Securities reaffirmed a “buy” rating and issued a $11.00 price target on shares of Mitek Systems in a report on Tuesday, July 25th. BidaskClub raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, August 25th. Finally, Roth Capital set a $12.00 price target on shares of Mitek Systems and gave the company a “buy” rating in a report on Friday, July 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $10.67.

Shares of Mitek Systems (MITK) opened at $9.65 on Tuesday. The firm has a market cap of $324.10, a price-to-earnings ratio of 64.33, a PEG ratio of 4.83 and a beta of 0.69. Mitek Systems has a 1-year low of $5.35 and a 1-year high of $10.75.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Tuesday, November 7th. The software maker reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $12.90 million for the quarter, compared to analyst estimates of $12.35 million. Mitek Systems had a net margin of 31.05% and a return on equity of 12.72%. The business’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.07 earnings per share. analysts anticipate that Mitek Systems will post 0.13 EPS for the current fiscal year.

In other Mitek Systems news, insider Michael E. Diamond sold 4,854 shares of the stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $8.60, for a total value of $41,744.40. Following the completion of the sale, the insider now owns 167,499 shares in the company, valued at approximately $1,440,491.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO James B. Debello sold 33,903 shares of the stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $8.56, for a total transaction of $290,209.68. Following the completion of the sale, the chief executive officer now owns 962,229 shares of the company’s stock, valued at approximately $8,236,680.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 140,703 shares of company stock valued at $1,242,004. Insiders own 8.52% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in MITK. Prudential Financial Inc. purchased a new stake in shares of Mitek Systems in the 3rd quarter valued at approximately $101,000. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of Mitek Systems in the 3rd quarter valued at approximately $102,000. Burt Wealth Advisors purchased a new stake in shares of Mitek Systems in the 2nd quarter valued at approximately $105,000. LLBH Private Wealth Management LLC purchased a new stake in shares of Mitek Systems in the 2nd quarter valued at approximately $109,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Mitek Systems in the 3rd quarter valued at approximately $129,000. Institutional investors own 40.48% of the company’s stock.

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Mitek Systems Company Profile

Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device keyboard.

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