Mitek Systems (NASDAQ:MITK) Cut to “Hold” at StockNews.com

Mitek Systems (NASDAQ:MITK) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

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

Mitek Systems Price Performance

Shares of NASDAQ:MITK traded down $0.02 during midday trading on Thursday, reaching $9.30. 258,672 shares of the company’s stock were exchanged, compared to its average volume of 542,168. The company’s 50 day simple moving average is $8.89 and its two-hundred day simple moving average is $10.30. The firm has a market capitalization of $429.66 million, a PE ratio of -62.00 and a beta of 1.07. Mitek Systems has a 12 month low of $7.35 and a 12 month 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.

Hedge Funds Weigh In On Mitek Systems

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Mitek Systems by 4.1% in the first quarter. Vanguard Group Inc. now owns 3,517,664 shares of the software maker’s stock worth $49,599,000 after acquiring an additional 138,438 shares during the last quarter. EVR Research LP bought a new position in shares of Mitek Systems in the second quarter worth about $2,957,000. Marshall Wace LLP raised its stake in shares of Mitek Systems by 251.1% in the second quarter. Marshall Wace LLP now owns 309,163 shares of the software maker’s stock worth $3,456,000 after acquiring an additional 221,116 shares during the last quarter. Foundry Partners LLC bought a new position in shares of Mitek Systems in the second quarter worth about $3,275,000. Finally, Creative Planning bought a new position in shares of Mitek Systems in the third quarter worth about $152,000. 83.64% of the stock is owned by institutional investors.

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.