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Traders Get Bullish on Shares of Mitek Systems , Shares Up 11.6% (MITK)

Published on Fri, 02/08/2013 - 11:23
By Adrienne Chilton

Mitek Systems (NASDAQ:MITK) is one of today's best performing low-priced stocks, up 11.6% to $4.44 on 2.1x average daily volume. Thus far today, Mitek Systems has traded 717,000 shares, vs. average volume of 340,000 shares per day. The stock has outperformed the Dow (11.6% to the Dow's 0.4%) and outperformed the S&P 500 (11.6% to the S&P's 0.5%) during today's trading.

Based on a current price of $4.44, Mitek Systems is currently 15.5% above its average consensus analyst price target of $3.75. Mitek Systems shares have support at the 200-day moving average (MA) of $3.54 and additional support at the 50-day MA of $3.35.

Mitek Systems is the leader in mobile-imaging solutions, achieved through 25 years of R & D, patented technology and extensive experience in extractive imaging. The company invented and patented leading software solutions that allow consumers to use the cameras on their smartphones and tablets to deposit checks, pay bills, get quotes and transfer balances ... all by just snapping photos of documents. Offering outstanding customer experience and convenience while driving operational efficiencies, Mitek Systems' solutions enable organizations across industries to differentiate themselves from their competitors, attract and retain customers and ultimately increase their revenue and profitability. Current products include Mobile Deposit(R), Mobile Photo Bill Pay(TM), Mobile Balance Transfer(TM), Mobile ACH Enrollments(TM), Mobile Receipt(TM) and the Mobile Imaging Cloud(TM) platform.

Mitek Systems share prices have moved between a 52-week high of $13.11 and a 52-week low of $1.90 and are now trading 134% above that low price at $4.44 per share. The 200-day and 50-day moving averages have moved 1.02% lower and 3.17% higher over the past week, respectively.

By Adrienne Chilton
achilton@fnno.com