ValuEngine cut shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a research note released on Tuesday morning, ValuEngine reports.

Other research analysts have also issued research reports about the stock. BidaskClub raised shares of Mitek Systems from a sell rating to a hold rating in a research report on Thursday, July 18th. Roth Capital set a $14.00 price objective on shares of Mitek Systems and gave the stock a buy rating in a research note on Friday, July 19th. Benchmark reaffirmed a buy rating and set a $14.00 price objective (down from $15.00) on shares of Mitek Systems in a research note on Thursday, May 2nd. National Securities reaffirmed a buy rating and set a $20.00 price objective on shares of Mitek Systems in a research note on Thursday, May 2nd. Finally, Zacks Investment Research cut shares of Mitek Systems from a strong-buy rating to a hold rating in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $14.75.

NASDAQ:MITK opened at $9.63 on Tuesday. Mitek Systems has a 12-month low of $6.32 and a 12-month high of $13.07. The firm has a market capitalization of $377.66 million, a PE ratio of 67.14, a price-to-earnings-growth ratio of 4.00 and a beta of -0.25. The firm has a 50-day moving average price of $10.08 and a 200 day moving average price of $10.68.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, July 25th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. Mitek Systems had a negative net margin of 7.61% and a positive return on equity of 6.33%. The firm had revenue of $21.91 million during the quarter, compared to analyst estimates of $21.74 million. During the same quarter in the prior year, the business posted $0.06 earnings per share. The company’s quarterly revenue was up 36.0% compared to the same quarter last year. Equities research analysts expect that Mitek Systems will post 0.16 earnings per share for the current fiscal year.

In other Mitek Systems news, insider Stephen Ritter sold 15,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $9.93, for a total transaction of $148,950.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jeffrey C. Davison sold 13,077 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $9.55, for a total transaction of $124,885.35. The disclosure for this sale can be found here. 8.20% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Mitek Systems by 2.8% during the second quarter. Vanguard Group Inc. now owns 1,835,393 shares of the software maker’s stock valued at $18,244,000 after purchasing an additional 49,648 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Mitek Systems by 63.5% during the second quarter. Royal Bank of Canada now owns 1,123,802 shares of the software maker’s stock valued at $11,171,000 after purchasing an additional 436,428 shares during the last quarter. Raging Capital Management LLC grew its stake in shares of Mitek Systems by 206.2% during the second quarter. Raging Capital Management LLC now owns 1,067,330 shares of the software maker’s stock valued at $10,609,000 after purchasing an additional 718,729 shares during the last quarter. Independent Advisor Alliance grew its stake in shares of Mitek Systems by 8.9% during the second quarter. Independent Advisor Alliance now owns 690,770 shares of the software maker’s stock valued at $6,866,000 after purchasing an additional 56,350 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. grew its stake in shares of Mitek Systems by 9.2% during the second quarter. Prescott Group Capital Management L.L.C. now owns 672,935 shares of the software maker’s stock valued at $6,689,000 after purchasing an additional 56,710 shares during the last quarter. 59.10% of the stock is currently owned by institutional investors and hedge funds.

Mitek Systems Company Profile

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.

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