Hillsdale Investment Management Inc. Cuts Stock Position in Mitek Systems, Inc. $MITK

Hillsdale Investment Management Inc. trimmed its position in Mitek Systems, Inc. (NASDAQ:MITK) by 9.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 524,900 shares of the software maker’s stock after selling 53,200 shares during the period. Hillsdale Investment Management Inc. owned approximately 1.15% of Mitek Systems worth $5,128,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Kovack Advisors Inc. lifted its stake in shares of Mitek Systems by 19.1% in the 3rd quarter. Kovack Advisors Inc. now owns 174,900 shares of the software maker’s stock worth $1,709,000 after acquiring an additional 28,050 shares during the period. Vanguard Group Inc. increased its stake in shares of Mitek Systems by 5.6% during the third quarter. Vanguard Group Inc. now owns 3,717,031 shares of the software maker’s stock worth $36,315,000 after acquiring an additional 198,068 shares during the period. Skylands Capital LLC raised its holdings in Mitek Systems by 140.0% during the third quarter. Skylands Capital LLC now owns 225,296 shares of the software maker’s stock worth $2,201,000 after purchasing an additional 131,421 shares in the last quarter. Impax Asset Management Group plc lifted its position in Mitek Systems by 40.6% in the third quarter. Impax Asset Management Group plc now owns 1,195,000 shares of the software maker’s stock valued at $11,675,000 after purchasing an additional 345,000 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Mitek Systems by 1.9% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 121,514 shares of the software maker’s stock valued at $1,187,000 after purchasing an additional 2,225 shares in the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Price Performance

NASDAQ MITK opened at $13.03 on Friday. The business has a 50 day moving average price of $10.79 and a 200 day moving average price of $9.99. The company has a market capitalization of $590.52 million, a P/E ratio of 37.23 and a beta of 1.07. Mitek Systems, Inc. has a 1-year low of $6.93 and a 1-year high of $13.90.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, February 5th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Mitek Systems had a return on equity of 16.86% and a net margin of 8.67%.The company had revenue of $44.24 million for the quarter, compared to the consensus estimate of $42.44 million. On average, research analysts expect that Mitek Systems, Inc. will post 0.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Mitek Systems in a report on Monday, December 29th. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 7th. Finally, Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and raised their target price for the company from $11.00 to $15.00 in a report on Friday, February 13th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

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.