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Enter Symbol:
Rating: MITK
Hold

Mitek Systems, Inc. (NASDAQ: MITK) downgraded to Hold by Needham

Wednesday,  Jul 25, 2012  8:28 AM ET by Betsy O'Brien Harrison

Needham downgraded Mitek Systems, Inc. (NASDAQ: MITK) to Hold. Previously
Needham downgraded to Mitek Systems, Inc. (NASDAQ: MITK) to Buy on 03/26/2012, when the stock price was $12.09.

Mitek Systems, Inc. (Mitek) is engaged in the development and sale of software solutions. The Company?s business develops and markets intelligent character recognition and document capture products and services deployed in the financial services markets. The Company?s technology is used to process checks by banks and is used in other markets for specialized applications. Branded Oomph for Office on My Phone, the Company?s new mobile applications use its proprietary technology to capture and read data from photos of documents taken using camera-equipped smartphones. The Company has developed and deployed a software application that allows users to remotely deposit a check using their smartphone camera. In addition, the Company has developed and deployed a receipt archival application and a mobile document faxing application using its proprietary technology. The Company?s product family consists of mobile applications and software development toolkits (SDKs).

Needham & Company, LLC focuses on emerging growth companies in technology, biotechnology and life sciences. The firm's research goal is to service the needs of growth-oriented institutional clients. Needham & Company has established itself as a premier specialty investment bank providing timely and valuable analysis on companies that are under-covered by the majority of Wall Street firms.



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