The stock of Mitek Systems, Inc. (NASDAQ:MITK) is a huge mover today! The stock increased 6.90% or $0.4 during the last trading session, hitting $6.2. About 530,608 shares traded hands or 50.47% up from the average. Mitek Systems, Inc. (NASDAQ:MITK) has declined 12.25% since April 5, 2016 and is downtrending. It has underperformed by 14.21% the S&P500.
The move comes after 8 months positive chart setup for the $192.47 million company. It was reported on Nov, 7 by Barchart.com. We have $13.45 PT which if reached, will make NASDAQ:MITK worth $225.19 million more.
Mitek Systems, Inc. (NASDAQ:MITK) Ratings Coverage
Out of 2 analysts covering Mitek Systems (NASDAQ:MITK), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Mitek Systems has been the topic of 3 analyst reports since January 8, 2016 according to StockzIntelligence Inc. Benchmark maintained Mitek Systems, Inc. (NASDAQ:MITK) on Wednesday, March 23 with “Buy” rating. On Monday, January 25 the stock rating was initiated by Northland Capital with “Outperform”. The rating was initiated by Benchmark with “Buy” on Friday, January 8.
According to Zacks Investment Research, “Mitek Systems, Inc. is primarily engaged in the development and sale of software products with particular focus on intelligent character recognition and forms processing technology, products and services for the document imaging markets. They develop, market and support what they believe to be the most accurate Automated Document Recognition (ADR) products commercially available for the recognition of hand printed characters.”
Insitutional Activity: The institutional sentiment decreased to 1.52 in 2016 Q2. Its down 0.11, from 1.63 in 2016Q1. The ratio worsened, as 26 funds sold all Mitek Systems, Inc. shares owned while 18 reduced positions. 37 funds bought stakes while 30 increased positions. They now own 13.95 million shares or 37.44% more from 10.15 million shares in 2016Q1.
Wells Fargo & Com Mn, a California-based fund reported 169,603 shares. Citigroup accumulated 2,969 shares or 0% of the stock. California Employees Retirement Sys accumulated 0% or 56,400 shares. Strs Ohio holds 0% of its portfolio in Mitek Systems, Inc. (NASDAQ:MITK) for 63,800 shares. Boothbay Fund Ltd Llc holds 10,680 shares or 0.04% of its portfolio. Wellington Mngmt Grp Llp holds 124,396 shares or 0% of its portfolio. Menta Cap Ltd has 185,495 shares for 0.18% of their US portfolio. Federated Incorporated Pa reported 17,345 shares or 0% of all its holdings. American Intl Grp Inc holds 0% of its portfolio in Mitek Systems, Inc. (NASDAQ:MITK) for 16,949 shares. Bogle Mngmt L P De holds 378,484 shares or 0.19% of its portfolio. Thompson Davis Incorporated, a Virginia-based fund reported 36,985 shares. Wfg Advsr L P last reported 20 shares in the company. Eam, a California-based fund reported 651,277 shares. The New York-based Alliancebernstein Lp has invested 0% in Mitek Systems, Inc. (NASDAQ:MITK). State Street holds 0% of its portfolio in Mitek Systems, Inc. (NASDAQ:MITK) for 456,901 shares.
More recent Mitek Systems, Inc. (NASDAQ:MITK) news were published by: Seekingalpha.com which released: “Mitek Systems – Favorable 2017 Outlook” on November 04, 2016. Also Fool.com published the news titled: “Why Shares of Mitek Systems Inc. Sank Today” on June 02, 2016. Thestreet.com‘s news article titled: “Why Mitek Systems (MITK) Stock Is Down Today” with publication date: August 18, 2014 was also an interesting one.
MITK Company Profile
Mitek Systems, Inc., incorporated on May 29, 1986, develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with camera-equipped smartphones and tablets instead of using the device keyboard. The Company’s technology uses algorithms to correct image distortion, extract relevant data, route images to their desired location and process transactions. The Company’s technology processes images of documents in many ways. These include quality analysis, image repair, document identification and the extraction of hand-printed and machine-printed text.