Mitek Systems (MITK) is Upgraded by Needham to Buy, Price Target at $9.50

Mitek Systems (MITK) was Upgraded by Needham to ” Buy” and the brokerage firm has set the Price Target at $9.50. Earlier the firm had a rating of “Hold ” on the company shares. Needham advised their investors in a research report released on Jul 12, 2016.

On the company’s financial health, Mitek Systems reported $0.07 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $0.04. The company had revenue of $8.52 million for the quarter, compared to analysts expectations of $7.38 million. The company’s revenue was up 49.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 EPS.

Mitek Systems closed down -0.02 points or -0.26% at $7.77 with 5,53,781 shares getting traded on Monday. Post opening the session at $7.86, the shares hit an intraday low of $7.67 and an intraday high of $7.94 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

In a different news, on May 5, 2016, Russell C. Clark (Chief Financial Officer) sold 109,568 shares at $8.03 per share price. According to the SEC, on May 5, 2016, James B Debello (President & CEO & Chairman) sold 59,091 shares at $8.11 per share price. On Feb 19, 2016, John M Thornton (director) sold 42,574 shares at $5.17 per share price, according to the Form-4 filing with the securities and exchange commission.

Mitek Systems Inc. (Mitek) is a provider of mobile solutions. The Company is engaged in the development sale and service of software solutions related to mobile imaging. The Company’s technology allows users to deposit checks pay bills transfer credit card balances open accounts and get insurance quotes by taking pictures of various documents with their camera-equipped smartphones and tablets. IDchecker Inc. a part of the Company offers Strong ID product which provides identity document authentication solutions including passports driver licenses and identity cards across the world and Facelink facial recognition technology which is a multi-factor identity verification enables organizations to confirm the authenticity of an identity document and match it to the person presenting the document during a mobile transaction.

Mitek Systems

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