Teton Advisors LLC Acquires New Stake in Mitek Systems, Inc. $MITK

Teton Advisors LLC acquired a new stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) in the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 94,000 shares of the software maker’s stock, valued at approximately $918,000.

Several other hedge funds have also recently made changes to their positions in MITK. Victory Capital Management Inc. grew its stake in shares of Mitek Systems by 55.1% during the 3rd quarter. Victory Capital Management Inc. now owns 39,760 shares of the software maker’s stock worth $388,000 after acquiring an additional 14,124 shares during the period. Segall Bryant & Hamill LLC purchased a new position in Mitek Systems in the 3rd quarter valued at approximately $779,000. Kovack Advisors Inc. raised its holdings in Mitek Systems by 19.1% during the 3rd quarter. Kovack Advisors Inc. now owns 174,900 shares of the software maker’s stock valued at $1,709,000 after acquiring an additional 28,050 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Mitek Systems by 5.6% in the third quarter. Vanguard Group Inc. now owns 3,717,031 shares of the software maker’s stock worth $36,315,000 after acquiring an additional 198,068 shares during the period. Finally, Skylands Capital LLC lifted its holdings in Mitek Systems by 140.0% during the 3rd quarter. Skylands Capital LLC now owns 225,296 shares of the software maker’s stock worth $2,201,000 after purchasing an additional 131,421 shares in the last quarter. 83.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MITK. Weiss Ratings reiterated a “hold (c)” rating on shares of Mitek Systems in a research report on Monday, December 29th. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 7th. Finally, Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and raised their price target for the company from $11.00 to $15.00 in a report on Friday, February 13th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

Mitek Systems Stock Performance

Shares of MITK opened at $14.65 on Friday. Mitek Systems, Inc. has a fifty-two week low of $6.93 and a fifty-two week high of $15.61. The firm has a 50 day moving average price of $11.60 and a 200-day moving average price of $10.31. The firm has a market cap of $663.94 million, a price-to-earnings ratio of 41.86 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. The business had revenue of $44.24 million during the quarter, compared to analyst estimates of $42.44 million. As a group, equities research analysts predict that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Mitek Systems Company Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.