Mitek Systems, Inc. (NASDAQ:MITK) was the recipient of a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 1,180,000 shares, a growth of 14.6% from the January 15th total of 1,030,000 shares. Approximately 3.0% of the shares of the stock are sold short. Based on an average daily volume of 441,300 shares, the days-to-cover ratio is currently 2.7 days.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace LLP bought a new stake in Mitek Systems during the 4th quarter valued at $4,751,000. Archon Capital Management LLC grew its holdings in Mitek Systems by 41.1% in the 4th quarter. Archon Capital Management LLC now owns 1,447,663 shares of the software maker’s stock worth $11,075,000 after acquiring an additional 421,532 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in Mitek Systems by 737.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 380,706 shares of the software maker’s stock worth $3,784,000 after acquiring an additional 335,262 shares during the last quarter. Heartland Advisors Inc. purchased a new position in shares of Mitek Systems in the fourth quarter valued at about $2,295,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Mitek Systems by 328.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 372,253 shares of the software maker’s stock valued at $2,848,000 after acquiring an additional 285,342 shares during the period. 56.87% of the stock is currently owned by institutional investors.
NASDAQ:MITK traded down $0.03 during trading hours on Friday, reaching $9.89. The company’s stock had a trading volume of 420,417 shares, compared to its average volume of 418,401. The firm has a market capitalization of $404.45 million, a price-to-earnings ratio of 141.31, a PEG ratio of 2.09 and a beta of -0.40. The firm has a 50-day simple moving average of $8.81 and a 200-day simple moving average of $8.96. Mitek Systems has a 1 year low of $6.96 and a 1 year high of $13.07.
Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, January 30th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.05. The business had revenue of $22.07 million during the quarter, compared to analyst estimates of $21.45 million. Mitek Systems had a net margin of 3.40% and a return on equity of 12.32%. The company’s revenue was up 24.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 earnings per share. Research analysts expect that Mitek Systems will post 0.29 EPS for the current year.
A number of equities analysts recently weighed in on MITK shares. BidaskClub cut Mitek Systems from a “buy” rating to a “hold” rating in a report on Thursday. Zacks Investment Research upgraded Mitek Systems from a “hold” rating to a “strong-buy” rating and set a $11.00 target price for the company in a research report on Thursday, February 6th. ValuEngine lowered Mitek Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. Finally, Roth Capital cut shares of Mitek Systems from a “buy” rating to a “neutral” rating and reduced their price target for the company from $12.50 to $8.00 in a research report on Friday, November 15th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Mitek Systems presently has an average rating of “Buy” and an average target price of $13.25.
About Mitek Systems
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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