Mitek Systems, Inc. (NASDAQ:MITK)’s share price rose 8.1% on Thursday following a better than expected earnings announcement. The stock traded as high as $10.98 and last traded at $10.81, approximately 823,850 shares changed hands during trading. An increase of 102% from the average daily volume of 408,707 shares. The stock had previously closed at $10.00.

The software maker reported $0.16 EPS for the quarter, beating the consensus estimate of $0.10 by $0.06. Mitek Systems had a return on equity of 15.61% and a net margin of 6.37%. The business had revenue of $25.41 million for the quarter, compared to the consensus estimate of $23.39 million.

A number of equities analysts have recently issued reports on the company. BidaskClub upgraded Mitek Systems from a “sell” rating to a “hold” rating in a research note on Friday. Benchmark raised their price target on Mitek Systems from $9.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Zacks Investment Research downgraded Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 1st. Finally, Roth Capital restated a “hold” rating and issued a $9.00 price target on shares of Mitek Systems in a research note on Monday, April 27th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $10.44.

In other Mitek Systems news, CFO Jeffrey C. Davison sold 11,437 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $9.85, for a total transaction of $112,654.45. Following the sale, the chief financial officer now directly owns 173,506 shares of the company’s stock, valued at $1,709,034.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.60% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Mitek Systems by 32.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,089 shares of the software maker’s stock worth $87,000 after purchasing an additional 2,217 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of Mitek Systems in the first quarter worth about $91,000. Cubist Systematic Strategies LLC bought a new stake in shares of Mitek Systems in the fourth quarter worth about $99,000. SG Americas Securities LLC bought a new stake in shares of Mitek Systems in the first quarter worth about $107,000. Finally, Stifel Financial Corp bought a new stake in shares of Mitek Systems in the fourth quarter worth about $114,000. 66.96% of the stock is currently owned by hedge funds and other institutional investors.

The company has a market cap of $422.30 million, a PE ratio of 73.29, a price-to-earnings-growth ratio of 2.57 and a beta of 0.24. The company has a 50-day moving average of $9.48 and a 200 day moving average of $8.92.

About Mitek Systems (NASDAQ:MITK)

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.

See Also: Buy Rating

Receive News & Ratings for Mitek Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mitek Systems and related companies with MarketBeat.com's FREE daily email newsletter.