Mitek Systems, Inc. $MITK Holdings Cut by Skylands Capital LLC

Skylands Capital LLC decreased its stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 13.5% in the third quarter, Holdings Channel reports. The institutional investor owned 324,600 shares of the software maker’s stock after selling 50,700 shares during the quarter. Skylands Capital LLC’s holdings in Mitek Systems were worth $5,534,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC purchased a new stake in shares of Mitek Systems in the second quarter worth $42,000. State of Alaska Department of Revenue increased its holdings in shares of Mitek Systems by 8.3% during the third quarter. State of Alaska Department of Revenue now owns 8,744 shares of the software maker’s stock valued at $148,000 after acquiring an additional 669 shares in the last quarter. SummitTX Capital L.P. bought a new position in shares of Mitek Systems during the first quarter valued at $140,000. Abel Hall LLC bought a new position in shares of Mitek Systems during the first quarter valued at $176,000. Finally, Bank of Nova Scotia bought a new position in shares of Mitek Systems during the first quarter valued at $299,000. 83.64% of the stock is owned by institutional investors.

Mitek Systems Trading Up 3.4%

NASDAQ:MITK opened at $18.13 on Thursday. The stock has a market cap of $818.06 million, a price-to-earnings ratio of 38.58 and a beta of 0.94. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.19. The company’s 50 day moving average price is $17.73 and its 200-day moving average price is $16.93. Mitek Systems, Inc. has a 52 week low of $8.53 and a 52 week high of $21.05.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, August 6th. The software maker reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.06. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. The company had revenue of $54.04 million during the quarter, compared to analyst estimates of $50.82 million. On average, equities research analysts forecast that Mitek Systems, Inc. will post 0.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MITK shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mitek Systems in a research report on Friday, August 7th. Maxim Group set a $26.00 price target on shares of Mitek Systems in a research note on Friday, August 7th. Zacks Research downgraded shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Finally, Wall Street Zen raised shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $19.33.

About Mitek Systems

Mitek Systems, Inc (NASDAQ:MITK) develops software for digital identity verification, fraud prevention and mobile banking. Its technology enables organizations to verify individuals and documents remotely, helping businesses establish trust in digital transactions while reducing identity-related risk.

The company’s products include digital identity verification solutions, document verification and authentication tools, biometric technologies, and fraud detection capabilities. Mitek also provides mobile deposit technology, which allows consumers to deposit checks by capturing images with a smartphone or other mobile device.