Mitek Systems, Inc. (NASDAQ:MITK) continues its rally


The share prices of Mitek Systems, Inc. (NASDAQ:MITK) had surged by 8.56 percent to close at $5.71 per share when the market finally closed on Wednesday. The shares of the company had been trading with narrow fluctuations in intraday prices in the range of $5.12 to $5.94 per during the day. The shares Mitek Systems, Inc. (NASDAQ:MITK) had a market capitalization of $154.42 million. The stock opened at $5.19 per share. The share price does not make a change in the 52 week low value $2.05 per share and 52 week high value $7.71 per share.

Mitek Systems, Inc. (NASDAQ:MITK) is related to intelligent recognition software and mobile imaging applications. This is mainly focused in the development, sales and services of those software solutions. The company is employing its technology in optical character recognition, in mobile devices by extracting the intelligent data and image correction. Users who are using mobile apps and smart phones can pay bills, deposit checks, fax documents and save receipts. Users can deposit a check using their smart phone camera that allows a software application which is deployed mobile deposit by the company.  A mobile document faxing application which is Mobile fax and mobile receipt is also deployed by Mitek Systems, Inc. (NASDAQ:MITK). Finally users can pay their bills using smart phones using a mobile bill paying application (i.e.) Mobile Photo Bill Pay.

Mitek Systems, Inc. (NASDAQ:MITK) is making an underwritten public offering of 2.85 million shares of its stock this was said by the company. The company granted 30-day for an underwriter option to purchase more than 428,571 shares of its stock. This offering is expected to close on or before June 28, 2013. The company had an institutional investor’s shareholdings as 27 percent. Mitek Systems, Inc. (NASDAQ:MITK) has been having a trading volume of 2.00 million and an average volume of 753,568 shares per day on Wednesday. The company presently holds 27.04 million shares outstanding in the market.