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

StockNews.com downgraded shares of Mitek Systems (NASDAQ:MITK) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.

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

Mitek Systems Price Performance

Mitek Systems stock opened at $9.32 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.46 and a quick ratio of 4.46. The stock has a market cap of $430.58 million, a price-to-earnings ratio of -62.13 and a beta of 1.07. The firm has a 50-day moving average of $8.91 and a two-hundred day moving average of $10.23. Mitek Systems has a 1 year low of $7.35 and a 1 year high of $16.24.

Institutional Trading of Mitek Systems

Several large investors have recently added to or reduced their stakes in MITK. Vanguard Group Inc. boosted its position in Mitek Systems by 4.1% in the first quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock valued at $49,599,000 after buying an additional 138,438 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Mitek Systems by 6.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,027 shares of the software maker’s stock worth $438,000 after purchasing an additional 1,759 shares during the period. Harbor Capital Advisors Inc. increased its holdings in shares of Mitek Systems by 938.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 55,596 shares of the software maker’s stock valued at $622,000 after purchasing an additional 50,243 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Mitek Systems in the 2nd quarter valued at $440,000. Finally, Bank of New York Mellon Corp boosted its holdings in Mitek Systems by 15.2% during the second quarter. Bank of New York Mellon Corp now owns 189,584 shares of the software maker’s stock worth $2,120,000 after buying an additional 24,970 shares in the last quarter. Hedge funds and other 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.