Congruence Capital LLC Makes New $4.11 Million Investment in Mitek Systems, Inc. $MITK

Congruence Capital LLC bought a new position in Mitek Systems, Inc. (NASDAQ:MITK) during the fourth quarter, Holdings Channel.com reports. The fund bought 389,217 shares of the software maker’s stock, valued at approximately $4,106,000. Mitek Systems comprises approximately 1.5% of Congruence Capital LLC’s investment portfolio, making the stock its 22nd biggest holding.

Other hedge funds have also added to or reduced their stakes in the company. Topline Capital Management LLC boosted its stake in shares of Mitek Systems by 99.6% during the third quarter. Topline Capital Management LLC now owns 1,055,608 shares of the software maker’s stock valued at $10,313,000 after purchasing an additional 526,842 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Mitek Systems by 124.5% during the third quarter. Principal Financial Group Inc. now owns 68,944 shares of the software maker’s stock valued at $674,000 after purchasing an additional 38,237 shares in the last quarter. Tudor Investment Corp ET AL boosted its stake in shares of Mitek Systems by 1,026.3% during the third quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock valued at $2,255,000 after purchasing an additional 210,352 shares in the last quarter. Teton Advisors LLC bought a new position in shares of Mitek Systems during the third quarter valued at approximately $918,000. Finally, Segall Bryant & Hamill LLC bought a new position in shares of Mitek Systems during the third quarter valued at approximately $779,000. 83.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MITK shares. Zacks Research downgraded shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Northland Securities set a $17.00 price objective on shares of Mitek Systems in a research note on Wednesday, April 15th. Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Finally, Wall Street Zen downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $16.00.

Insider Activity

In other news, COO Garrett Gafke sold 152,529 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total value of $2,123,203.68. Following the sale, the chief operating officer owned 265,387 shares in the company, valued at $3,694,187.04. This represents a 36.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.20% of the company’s stock.

Mitek Systems Trading Up 0.7%

NASDAQ MITK opened at $16.45 on Friday. The company has a fifty day simple moving average of $15.04 and a two-hundred day simple moving average of $12.77. The stock has a market cap of $742.88 million, a P/E ratio of 47.00 and a beta of 1.02. Mitek Systems, Inc. has a 12-month low of $8.53 and a 12-month high of $17.97. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.20.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.12. The business had revenue of $54.84 million during the quarter, compared to analysts’ expectations of $52.59 million. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. On average, analysts forecast that Mitek Systems, Inc. will post 0.86 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.