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TMCNet:  Hot Stock: Mitek Systems , Shares Drop 5.7% (MITK)

[May 09, 2013]

Hot Stock: Mitek Systems , Shares Drop 5.7% (MITK)

May 09, 2013 (SmarTrend(R) Spotlight via COMTEX) -- Mitek Systems (NASDAQ:MITK) is one of today's worst performing low-priced stocks, down 5.7% to $4.67 on 1.1x average daily volume. Thus far today, Mitek Systems has traded 407,000 shares, vs. average volume of 379,000 shares per day. The stock has underperformed the Dow (-5.7% to the Dow's -0.1%) and underperformed the S&P 500 (-5.7% to the S&P's -0.3%) during today's trading.


In the past 52 weeks, Mitek Systems share prices have been bracketed by a low of $1.90 and a high of $13.11 and are now at $4.67, 146% above that low price. The 200-day and 50-day moving averages have moved 0.65% higher and 1.10% higher over the past week, respectively.

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 (NASDAQ:MITK) is currently priced 19.7% above its average consensus analyst price target of $3.75. Mitek Systems shares have support at the 50-day moving average (MA) of $4.59 and additional support at the 200-day MA of $3.90.

SmarTrend recommended that subscribers consider buying shares of Mitek Systems on December 5th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.94. Since that recommendation, shares of Mitek Systems have risen 68.4%. We continue to monitor MITK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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