Renaissance Technologies LLC Raises Position in Mitek Systems, Inc. $MITK

Renaissance Technologies LLC grew its stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 9.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 430,593 shares of the software maker’s stock after buying an additional 38,793 shares during the period. Renaissance Technologies LLC owned 0.95% of Mitek Systems worth $5,813,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Squarepoint Ops LLC boosted its holdings in shares of Mitek Systems by 2.5% during the 4th quarter. Squarepoint Ops LLC now owns 38,611 shares of the software maker’s stock valued at $407,000 after purchasing an additional 944 shares during the last quarter. Aristides Capital LLC boosted its holdings in shares of Mitek Systems by 4.5% in the 4th quarter. Aristides Capital LLC now owns 55,434 shares of the software maker’s stock worth $585,000 after purchasing an additional 2,380 shares during the period. Deutsche Bank AG boosted its stake in Mitek Systems by 7.0% during the fourth quarter. Deutsche Bank AG now owns 37,329 shares of the software maker’s stock worth $394,000 after buying an additional 2,431 shares during the period. Royal Bank of Canada boosted its stake in shares of Mitek Systems by 21.2% during the 4th quarter. Royal Bank of Canada now owns 14,954 shares of the software maker’s stock worth $158,000 after purchasing an additional 2,615 shares during the period. Finally, Intech Investment Management LLC boosted its position in shares of Mitek Systems by 17.9% during the fourth quarter. Intech Investment Management LLC now owns 19,303 shares of the software maker’s stock valued at $204,000 after buying an additional 2,924 shares during the period. Institutional investors own 83.64% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Mitek Systems Stock Performance

Shares of NASDAQ:MITK opened at $17.13 on Thursday. Mitek Systems, Inc. has a 1 year low of $8.53 and a 1 year high of $21.05. The firm has a market capitalization of $773.59 million, a PE ratio of 48.94 and a beta of 0.98. The business’s 50 day moving average price is $17.69 and its 200-day moving average price is $14.99. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.61 and a quick ratio of 2.61.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.12. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%.The company had revenue of $54.84 million during the quarter, compared to analyst estimates of $52.59 million. As a group, equities research analysts expect that Mitek Systems, Inc. will post 0.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Garrett Gafke sold 21,108 shares of Mitek Systems stock in a transaction on Friday, May 15th. The stock was sold at an average price of $14.19, for a total value of $299,522.52. Following the completion of the transaction, the chief operating officer directly owned 244,279 shares in the company, valued at approximately $3,466,319.01. This trade represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.20% of the stock is currently owned by insiders.

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.