Ellsworth Advisors LLC Buys New Holdings in Mitek Systems, Inc. $MITK

Ellsworth Advisors LLC bought a new position in Mitek Systems, Inc. (NASDAQ:MITK) during the 3rd quarter, HoldingsChannel reports. The fund bought 52,328 shares of the software maker’s stock, valued at approximately $892,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MITK. State of Alaska Department of Revenue boosted its position in Mitek Systems by 8.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,744 shares of the software maker’s stock valued at $148,000 after buying an additional 669 shares during the period. Integrated Wealth Concepts LLC purchased a new position in shares of Mitek Systems in the second quarter valued at about $42,000. Squarepoint Ops LLC increased its position in shares of Mitek Systems by 97.0% in the second quarter. Squarepoint Ops LLC now owns 137,963 shares of the software maker’s stock valued at $2,777,000 after acquiring an additional 67,930 shares during the period. Corient Private Wealth LP purchased a new position in shares of Mitek Systems in the second quarter valued at about $668,000. Finally, Wellington Management Group LLP increased its position in shares of Mitek Systems by 47.0% in the second quarter. Wellington Management Group LLP now owns 1,780,147 shares of the software maker’s stock valued at $35,834,000 after acquiring an additional 569,379 shares during the period. 83.64% of the stock is currently owned by institutional investors.

Mitek Systems Stock Performance

Shares of MITK stock opened at $16.88 on Friday. The stock has a fifty day moving average of $17.85 and a 200 day moving average of $16.83. Mitek Systems, Inc. has a 52 week low of $8.53 and a 52 week high of $21.05. The firm has a market capitalization of $761.66 million, a price-to-earnings ratio of 35.92 and a beta of 0.94. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.19.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.06. The business had revenue of $54.04 million for the quarter, compared to analysts’ expectations of $50.82 million. Mitek Systems had a net margin of 11.39% and a return on equity of 19.16%. As a group, research analysts expect that Mitek Systems, Inc. will post 0.91 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Maxim Group set a $26.00 price objective on shares of Mitek Systems in a research note on Friday, August 7th. Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 6th. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mitek Systems in a research report on Friday, August 7th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $19.33.

About Mitek Systems

Mitek Systems, Inc develops software for digital identity verification, fraud prevention and mobile banking. Its technology enables organizations to capture, authenticate and process information from checks, identity documents and other sources through smartphones and digital channels.

The company’s products include Mobile Deposit, which allows consumers to deposit checks remotely, as well as identity-verification and document-authentication solutions designed to support account opening, customer onboarding and ongoing access to digital services.