Northland Securities analyst Michael Grondahl reiterated a Buy rating on Mitek Systems Inc (MITK) today and set a price target of $12.50. The company’s shares closed yesterday at $12.07, close to its 52-week high of $13.07.
Grondahl wrote:
“We reiterate our Outperform rating and $12.50 price target based on ~5.8x 2019E EV to revenue of $85.0M.”
According to TipRanks.com, Grondahl is a 5-star analyst with an average return of 25.5% and a 68.2% success rate. Grondahl covers the Financial sector, focusing on stocks such as Front Yard Residential Corporation, Altisource Portfolio Solutions SA, and Health Insurance Innovations.
Mitek Systems Inc has an analyst consensus of Moderate Buy, with a price target consensus of $14.25, which is a 18.1% upside from current levels. In a report issued on April 25, Roth Capital also maintained a Buy rating on the stock with a $13.50 price target.
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The company has a one-year high of $13.07 and a one-year low of $6.32. Currently, Mitek Systems Inc has an average volume of 340.5K.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock.
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Mitek Systems, Inc. engages in the innovation of mobile capture and digital identity verification solutions. Its products include Mobile Deposit, Mobile Verify, Mobile Fill, Mobile Docs, A2iA CheckReader, A2iA XE, A2iA DocumentReader, A2iA TextReader, and ICAR ID_CLOUD. The company was founded in December 16, 1986 and is headquartered in San Diego, CA.
