Mitek Systems (NASDAQ:MITK) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a research report released on Monday morning.

Other analysts also recently issued reports about the stock. HC Wainwright reduced their target price on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Craig Hallum reduced their price objective on Mitek Systems from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Jefferies Financial Group lowered Mitek Systems from a “buy” rating to a “hold” rating and lowered their price objective for the company from $17.00 to $9.50 in a research note on Wednesday, September 4th. Finally, Maxim Group dropped their target price on Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Mitek Systems has a consensus rating of “Moderate Buy” and a consensus price target of $12.13.

Mitek Systems Trading Down 2.3 %

MITK stock opened at $9.24 on Monday. The firm has a market cap of $426.89 million, a PE ratio of -61.60 and a beta of 1.07. The firm has a fifty day moving average price of $8.76 and a 200 day moving average price of $10.57. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. Mitek Systems has a fifty-two week low of $7.35 and a fifty-two week high of $16.24.

Institutional Trading of Mitek Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new position in shares of Mitek Systems during the second quarter valued at approximately $32,000. nVerses Capital LLC lifted its stake in shares of Mitek Systems by 25.5% during the 3rd quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after acquiring an additional 1,300 shares during the last quarter. Avior Wealth Management LLC purchased a new position in Mitek Systems during the 3rd quarter valued at $60,000. Intech Investment Management LLC bought a new position in Mitek Systems in the 3rd quarter valued at $117,000. Finally, Squarepoint Ops LLC purchased a new stake in Mitek Systems in the second quarter worth $138,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

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.