Investors Buy Large Volume of Put Options on Mitek Systems (MITK)

Mitek Systems, Inc. (NASDAQ:MITK) was the target of some unusual options trading on Tuesday. Stock traders purchased 2,167 put options on the company. This is an increase of approximately 3,636% compared to the typical daily volume of 58 put options.

In related news, insider Stephen Ritter sold 11,377 shares of Mitek Systems stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $11.17, for a total value of $127,081.09. Following the sale, the insider now owns 199,199 shares of the company’s stock, valued at $2,225,052.83. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO James B. Debello sold 29,550 shares of Mitek Systems stock in a transaction dated Thursday, January 3rd. The shares were sold at an average price of $11.12, for a total value of $328,596.00. Following the completion of the sale, the chief executive officer now directly owns 591,911 shares in the company, valued at approximately $6,582,050.32. The disclosure for this sale can be found here. 8.20% of the stock is currently owned by insiders.

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Hedge funds and other institutional investors have recently made changes to their positions in the business. Meeder Asset Management Inc. acquired a new position in Mitek Systems during the fourth quarter worth approximately $34,000. Harvest Management LLC acquired a new position in Mitek Systems during the fourth quarter worth approximately $108,000. Metropolitan Life Insurance Co. NY acquired a new position in Mitek Systems during the fourth quarter worth approximately $119,000. MML Investors Services LLC acquired a new position in Mitek Systems during the third quarter worth approximately $100,000. Finally, Virtu Financial LLC acquired a new position in Mitek Systems during the third quarter worth approximately $104,000. 46.52% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:MITK opened at $11.34 on Thursday. The stock has a market capitalization of $443.13 million, a P/E ratio of 87.23, a P/E/G ratio of 4.53 and a beta of -0.45. Mitek Systems has a 52-week low of $6.32 and a 52-week high of $11.92.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Tuesday, January 29th. The software maker reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $17.68 million for the quarter, compared to the consensus estimate of $17.26 million. Mitek Systems had a positive return on equity of 4.54% and a negative net margin of 13.40%. Research analysts expect that Mitek Systems will post 0.16 EPS for the current year.

MITK has been the topic of a number of recent research reports. Benchmark raised Mitek Systems from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Tuesday, November 27th. BidaskClub downgraded Mitek Systems from a “buy” rating to a “hold” rating in a research report on Friday, December 7th. Finally, ValuEngine raised Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, January 2nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $13.67.

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About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.

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