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

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

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

Mitek Systems Price Performance

NASDAQ:MITK opened at $9.34 on Tuesday. The company has a 50-day moving average of $8.82 and a 200-day moving average of $10.43. The company has a market capitalization of $431.51 million, a price-to-earnings ratio of -62.27 and a beta of 1.07. Mitek Systems has a 52 week low of $7.35 and a 52 week high of $16.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Thompson Siegel & Walmsley LLC lifted its position in shares of Mitek Systems by 259.9% in the second quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock worth $8,567,000 after purchasing an additional 553,379 shares in the last quarter. Invenomic Capital Management LP bought a new stake in shares of Mitek Systems in the third quarter worth $4,068,000. Foundry Partners LLC bought a new stake in shares of Mitek Systems in the second quarter worth $3,275,000. EVR Research LP bought a new stake in shares of Mitek Systems in the second quarter worth $2,957,000. Finally, Kopp LeRoy C bought a new stake in Mitek Systems during the first quarter worth $3,340,000. Institutional investors own 83.64% of the company’s stock.

About Mitek Systems

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.