Kovack Advisors Inc. Raises Holdings in Mitek Systems, Inc. (NASDAQ:MITK)

Kovack Advisors Inc. lifted its position in Mitek Systems, Inc. (NASDAQ:MITK) by 62.6% during the 4th quarter, HoldingsChannel reports. The firm owned 69,744 shares of the software maker’s stock after acquiring an additional 26,850 shares during the quarter. Kovack Advisors Inc.’s holdings in Mitek Systems were worth $776,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MITK. State Street Corp grew its holdings in Mitek Systems by 3.8% during the 3rd quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock valued at $11,326,000 after buying an additional 47,418 shares in the last quarter. Impax Asset Management Group plc purchased a new position in shares of Mitek Systems in the fourth quarter valued at $5,565,000. Invenomic Capital Management LP bought a new stake in Mitek Systems in the third quarter worth $4,068,000. Foundry Partners LLC raised its stake in Mitek Systems by 18.5% during the third quarter. Foundry Partners LLC now owns 347,195 shares of the software maker’s stock valued at $3,010,000 after purchasing an additional 54,235 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Mitek Systems by 15.5% during the third quarter. JPMorgan Chase & Co. now owns 262,956 shares of the software maker’s stock valued at $2,280,000 after purchasing an additional 35,301 shares during the last quarter. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Mitek Systems Trading Down 5.0 %

MITK stock opened at $9.38 on Friday. Mitek Systems, Inc. has a twelve month low of $7.35 and a twelve month high of $16.24. The stock has a market capitalization of $424.39 million, a price-to-earnings ratio of 104.22 and a beta of 1.08. The company has a quick ratio of 4.59, a current ratio of 4.59 and a debt-to-equity ratio of 0.73. The firm’s fifty day simple moving average is $10.38 and its two-hundred day simple moving average is $9.46.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Monday, February 10th. The software maker reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). Mitek Systems had a return on equity of 16.53% and a net margin of 2.59%. As a group, analysts anticipate that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Insider Buying and Selling at Mitek Systems

In related news, SVP Christopher H. Briggs sold 3,320 shares of Mitek Systems stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total transaction of $30,145.60. Following the completion of the sale, the senior vice president now owns 65,353 shares in the company, valued at $593,405.24. This trade represents a 4.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jason Gray sold 6,222 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the completion of the sale, the insider now directly owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. This trade represents a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,086 shares of company stock worth $127,884 over the last 90 days. Company insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $13.00 target price on shares of Mitek Systems in a report on Tuesday, February 11th. StockNews.com lowered Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 11th. Finally, Maxim Group upped their price objective on Mitek Systems from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $12.88.

Mitek Systems Profile

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.