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

Renaissance Technologies LLC lifted its stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 9.9% during the first quarter, HoldingsChannel.com reports. The firm owned 430,593 shares of the software maker’s stock after purchasing an additional 38,793 shares during the period. Renaissance Technologies LLC’s holdings in Mitek Systems were worth $5,813,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Tower Research Capital LLC TRC increased its holdings in Mitek Systems by 320.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after acquiring an additional 4,586 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in Mitek Systems by 305.2% in the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock valued at $85,000 after acquiring an additional 6,082 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Mitek Systems by 4,147.9% in the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after purchasing an additional 9,706 shares during the last quarter. AXQ Capital LP acquired a new position in shares of Mitek Systems during the 4th quarter valued at about $117,000. Finally, Abel Hall LLC acquired a new position in Mitek Systems during the first quarter worth approximately $176,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

Insider Transactions at Mitek Systems

In related news, COO Garrett Gafke sold 21,108 shares of the business’s 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 sale, the chief operating officer directly owned 244,279 shares in the company, valued at $3,466,319.01. The trade was a 7.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.20% of the stock is owned by company insiders.

Mitek Systems Stock Down 3.3%

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

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 the consensus estimate of $0.26 by $0.12. The firm had revenue of $54.84 million for the quarter, compared to analyst estimates of $52.59 million. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. On average, equities analysts predict that Mitek Systems, Inc. will post 0.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MITK has been the topic of a number of recent research reports. Wall Street Zen cut shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Northland Securities set a $17.00 price target on Mitek Systems in a research report on Wednesday, April 15th. Weiss Ratings raised shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Finally, Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. One equities 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, Mitek Systems presently has a consensus rating of “Hold” and an average price target of $16.00.

About Mitek Systems

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.