Roth Capital analyst Darren Aftahi maintained a Buy rating on Mitek Systems Inc (MITK) today and set a price target of $13.50. The company’s shares opened today at $9.94, close to its 52-week high of $10.16.
Aftahi observed:
“We maintain fair value in M&A could be closer to $13-$16. We recently met with at our Utah conference and believe business fundamentals remain healthy. The opportunity to grow its ID business, especially in the financial sector, remains a significant tailwind globally for MITK.”
According to TipRanks.com, Aftahi is a 5-star analyst with an average return of 9.1% and a 49.5% success rate. Aftahi covers the Technology sector, focusing on stocks such as Digital Turbine Inc, The Meet Group Inc, and Veritone Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Mitek Systems Inc with a $13.88 average price target, a 39.6% upside from current levels. In a report issued on November 27, Benchmark Co. also upgraded the stock to Buy with a $12 price target.
.
See today’s analyst top recommended stocks >>
Based on Mitek Systems Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $2.13 million. In comparison, last year the company had a net profit of $12.87 million.
Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Mitek Systems, Inc. engages in the the development, sale, and service of its proprietary software solutions related to mobile image capture and identity verification. The firm is a mobile imaging software solutions provider that allows users to remotely deposit checks, pay their bills, get insurance quotes, and transfer credit card.
