Needham Upgrades Mitek Systems to Buy

Brokerage firm Needham Upgrades its rating on Mitek Systems(NASDAQ:MITK). The shares have been rated Buy. Previously, the analysts had a Hold rating on the shares. The rating by Needham was issued on Jul 12, 2016.

Mitek Systems (MITK) made into the market gainers list on Fridays trading session with the shares advancing 2.29% or 0.18 points. Due to strong positive momentum, the stock ended at $8.05, which is also near the day’s high of $8.08. The stock began the session at $7.93 and the volume stood at 4,68,206 shares. The 52-week high of the shares is $9.4899 and the 52 week low is $2.71. The company has a current market capitalization of $259 M and it has 3,22,14,857 shares in outstanding.

Mitek Systems(MITK) last announced its earnings results on Apr 28, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $8.52M. Analysts had an estimated revenue of $7.38M. Earnings per share were $0.07. Analysts had estimated an EPS of $0.04.

Several Insider Transactions has been reported to the SEC. On May 5, 2016, Russell C. Clark (Chief Financial Officer) sold 109,568 shares at $8.03 per share price.Also, 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.

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