Mitek Systems (NASDAQ:MITK) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a research report report published on Thursday morning.

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

Mitek Systems Trading Up 0.2 %

MITK stock opened at $9.32 on Thursday. Mitek Systems has a 12-month low of $7.35 and a 12-month high of $16.24. The business’s 50-day moving average is $8.91 and its 200 day moving average is $10.23. The company has a current ratio of 4.46, a quick ratio of 4.46 and a debt-to-equity ratio of 0.68. The stock has a market cap of $430.58 million, a price-to-earnings ratio of -62.13 and a beta of 1.07.

Institutional Trading of Mitek Systems

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Mitek Systems by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock worth $49,599,000 after acquiring an additional 138,438 shares in the last quarter. EVR Research LP acquired a new stake in shares of Mitek Systems during the second quarter worth about $2,957,000. Marshall Wace LLP lifted its holdings in shares of Mitek Systems by 251.1% in the 2nd quarter. Marshall Wace LLP now owns 309,163 shares of the software maker’s stock valued at $3,456,000 after purchasing an additional 221,116 shares during the last quarter. Foundry Partners LLC purchased a new stake in shares of Mitek Systems in the 2nd quarter valued at about $3,275,000. Finally, Creative Planning acquired a new stake in shares of Mitek Systems in the 3rd quarter valued at about $152,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.

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.