Hennion & Walsh Asset Management Inc. Invests $640,000 in Mitek Systems, Inc. $MITK

Hennion & Walsh Asset Management Inc. acquired a new stake in Mitek Systems, Inc. (NASDAQ:MITK) in the second quarter, HoldingsChannel reports. The firm acquired 31,797 shares of the software maker’s stock, valued at approximately $640,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Pacer Advisors Inc. acquired a new stake in Mitek Systems during the first quarter worth approximately $2,312,000. Anson Funds Management LP acquired a new position in Mitek Systems in the 1st quarter valued at $998,000. Maverick Capital Ltd. acquired a new position in Mitek Systems in the 1st quarter valued at $589,000. Quantinno Capital Management LP lifted its stake in shares of Mitek Systems by 230.3% during the 1st quarter. Quantinno Capital Management LP now owns 50,609 shares of the software maker’s stock worth $683,000 after purchasing an additional 35,289 shares during the period. Finally, SummitTX Capital L.P. purchased a new position in shares of Mitek Systems during the 1st quarter worth $140,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Mitek Systems in a research note on Friday, August 7th. Finally, Maxim Group set a $26.00 target price on Mitek Systems in a research report on Friday, August 7th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Mitek Systems presently has a consensus rating of “Hold” and a consensus price target of $19.33.

Mitek Systems Price Performance

Mitek Systems stock opened at $19.43 on Friday. Mitek Systems, Inc. has a 1 year low of $8.53 and a 1 year high of $21.05. The firm has a 50 day moving average price of $17.95 and a 200 day moving average price of $15.36. The company has a market cap of $876.68 million, a price-to-earnings ratio of 41.34 and a beta of 0.98. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.74 and a current ratio of 2.74.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 EPS for the quarter, topping the consensus estimate of $0.28 by $0.06. The firm had revenue of $54.04 million during the quarter, compared to analyst estimates of $50.82 million. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. Sell-side analysts predict that Mitek Systems, Inc. will post 0.86 earnings per share for the current year.

Mitek Systems Company Profile

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.