Benchmark Co. Reiterates a Buy Rating on Mitek Systems Inc

By Ryan Adsit

In a report released today, Mark Schappel from Benchmark Co. reiterated a Buy rating on Mitek Systems Inc (NASDAQ: MITK), with a price target of $10. The company’s shares opened today at $6.10.

Schappel noted:

“We would use the weakness as a buying opportunity to get in on the ground floor of this up and coming company.”

According to TipRanks.com, Schappel is a 5-star analyst with an average return of 15.3% and a 62.1% success rate. Schappel covers the Technology sector, focusing on stocks such as Progress Software Corp., Manhattan Associates, and Tyler Technologies.

Currently, the analyst consensus on Mitek Systems Inc is Moderate Buy and the average price target is $10, representing a 63.9% upside.

In a report issued on October 30, Roth Capital also reiterated a Buy rating on the stock with a $9.75 price target.

Mitek Systems Inc’s market cap is currently $199.6M and has a P/E ratio of 101.67. The company has a book value ratio of 5.3988.

Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is negative on the stock. Most recently, in February 2016, John M. Thornton, a Director at MITK sold 42,574 shares for a total of $219,644.

Mitek Systems, Inc. is engaged in the development, sale and service of proprietary software solutions related to mobile imaging applications and intelligent character recognition software. The company is a mobile imaging software solutions provider that allows users to remotely deposit checks, pay their bills, get insurance quotes, and transfer credit card balances by snapping a picture with their camera-equipped smart phones and tablets instead of using the device keyboard. Its technology is used in image capture, correction and intelligent data extraction in the mobile financial and business applications market. The company was founded in May 29, 1986 and is headquartered in San Diego, CA.