Independent Advisor Alliance boosted its holdings in Mitek Systems, Inc. (NASDAQ:MITK) by 1.6% during the first quarter, Holdings Channel reports. The fund owned 634,420 shares of the software maker’s stock after buying an additional 10,075 shares during the period. Mitek Systems comprises 1.1% of Independent Advisor Alliance’s holdings, making the stock its 22nd biggest position. Independent Advisor Alliance’s holdings in Mitek Systems were worth $7,765,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in MITK. Meeder Asset Management Inc. acquired a new position in Mitek Systems in the fourth quarter valued at approximately $34,000. BNP Paribas Arbitrage SA raised its position in Mitek Systems by 30,452.2% in the first quarter. BNP Paribas Arbitrage SA now owns 7,027 shares of the software maker’s stock valued at $86,000 after purchasing an additional 7,004 shares during the period. Quantamental Technologies LLC purchased a new stake in Mitek Systems in the first quarter valued at approximately $87,000. Harvest Management LLC purchased a new stake in shares of Mitek Systems during the fourth quarter worth $108,000. Finally, Metropolitan Life Insurance Co. NY purchased a new stake in shares of Mitek Systems during the fourth quarter worth $119,000. Hedge funds and other institutional investors own 51.61% of the company’s stock.
NASDAQ:MITK traded up $0.01 during trading hours on Thursday, hitting $10.43. The company’s stock had a trading volume of 3,744 shares, compared to its average volume of 428,272. The firm has a market capitalization of $401.68 million, a PE ratio of 80.08, a price-to-earnings-growth ratio of 4.94 and a beta of -0.40. Mitek Systems, Inc. has a 52-week low of $6.32 and a 52-week high of $13.07.
Mitek Systems (NASDAQ:MITK) last posted its earnings results on Wednesday, May 1st. The software maker reported $0.07 EPS for the quarter, beating the consensus estimate of $0.06 by $0.01. The firm had revenue of $19.98 million for the quarter, compared to analyst estimates of $19.20 million. Mitek Systems had a positive return on equity of 4.43% and a negative net margin of 11.79%. Mitek Systems’s revenue for the quarter was up 39.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.06 earnings per share. On average, equities research analysts anticipate that Mitek Systems, Inc. will post 0.14 EPS for the current fiscal year.
In other Mitek Systems news, insider Michael E. Diamond sold 38,587 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $11.00, for a total value of $424,457.00. Following the completion of the transaction, the insider now owns 221,477 shares in the company, valued at $2,436,247. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Gray sold 7,145 shares of the company’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $11.60, for a total transaction of $82,882.00. The disclosure for this sale can be found here. Corporate insiders own 8.20% of the company’s stock.
MITK has been the topic of several recent analyst reports. BidaskClub raised Mitek Systems from a “hold” rating to a “buy” rating in a report on Wednesday, March 27th. Benchmark reissued a “buy” rating and issued a $14.00 target price (down previously from $15.00) on shares of Mitek Systems in a report on Thursday, May 2nd. National Securities reissued a “buy” rating and issued a $20.00 target price on shares of Mitek Systems in a report on Thursday, May 2nd. Finally, ValuEngine lowered Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Monday, February 25th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $15.00.
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Mitek Systems Company Profile
Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.
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