BidaskClub upgraded shares of Mitek Systems (NASDAQ:MITK) from a strong sell rating to a sell rating in a research report sent to investors on Friday.

Separately, Zacks Investment Research lowered Mitek Systems from a hold rating to a sell rating in a research report on Friday, November 24th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $10.80.

Shares of Mitek Systems (MITK) opened at $9.00 on Friday. The stock has a market capitalization of $304.51, a price-to-earnings ratio of 23.68, a PEG ratio of 4.63 and a beta of 0.63. Mitek Systems has a 52-week low of $5.50 and a 52-week high of $10.75.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Tuesday, November 7th. The software maker reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The company had revenue of $12.90 million for the quarter, compared to analyst estimates of $12.35 million. Mitek Systems had a return on equity of 11.49% and a net margin of 31.05%. Mitek Systems’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.07 earnings per share. equities research analysts predict that Mitek Systems will post 0.13 EPS for the current fiscal year.

In other Mitek Systems news, CEO James B. Debello sold 50,000 shares of the business’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $8.50, for a total value of $425,000.00. Following the transaction, the chief executive officer now owns 893,887 shares in the company, valued at $7,598,039.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James B. Debello sold 10,313 shares of the business’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $8.60, for a total value of $88,691.80. Following the completion of the transaction, the chief executive officer now owns 909,903 shares in the company, valued at approximately $7,825,165.80. The disclosure for this sale can be found here. Insiders have sold 205,942 shares of company stock worth $1,812,527 over the last three months. 8.52% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE grew its stake in Mitek Systems by 2.1% in the first quarter. Bank of America Corp DE now owns 23,382 shares of the software maker’s stock valued at $156,000 after purchasing an additional 490 shares in the last quarter. Renaissance Group LLC boosted its stake in shares of Mitek Systems by 1.2% during the 2nd quarter. Renaissance Group LLC now owns 54,110 shares of the software maker’s stock worth $455,000 after acquiring an additional 620 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Mitek Systems by 1.3% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 123,759 shares of the software maker’s stock worth $1,040,000 after acquiring an additional 1,624 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Mitek Systems by 7.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,541 shares of the software maker’s stock worth $214,000 after acquiring an additional 1,854 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Mitek Systems by 6.1% during the 2nd quarter. Rhumbline Advisers now owns 33,626 shares of the software maker’s stock worth $282,000 after acquiring an additional 1,927 shares in the last quarter. Hedge funds and other institutional investors own 43.53% of the company’s stock.

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About Mitek Systems

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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