Short Interest in Mitek Systems, Inc. (NASDAQ:MITK) Grows By 28.9%

Mitek Systems, Inc. (NASDAQ:MITK) saw a large increase in short interest in April. As of April 15th, there was short interest totaling 2,906,159 shares, an increase of 28.9% from the March 31st total of 2,254,075 shares. Based on an average daily trading volume, of 806,895 shares, the days-to-cover ratio is currently 3.6 days. Currently, 6.6% of the shares of the stock are sold short.

Insider Buying and Selling

In other news, COO Garrett Gafke sold 152,529 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total value of $2,123,203.68. Following the sale, the chief operating officer owned 265,387 shares in the company, valued at approximately $3,694,187.04. The trade was a 36.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Mitek Systems

Several institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC boosted its position in shares of Mitek Systems by 138.3% in the 1st quarter. AQR Capital Management LLC now owns 111,967 shares of the software maker’s stock worth $924,000 after purchasing an additional 64,980 shares during the last quarter. Creative Planning boosted its holdings in Mitek Systems by 87.6% during the second quarter. Creative Planning now owns 30,133 shares of the software maker’s stock worth $298,000 after buying an additional 14,070 shares during the last quarter. Rhumbline Advisers grew its position in shares of Mitek Systems by 39.2% during the 2nd quarter. Rhumbline Advisers now owns 91,877 shares of the software maker’s stock worth $910,000 after buying an additional 25,878 shares during the period. American Century Companies Inc. increased its stake in shares of Mitek Systems by 49.7% in the 2nd quarter. American Century Companies Inc. now owns 69,871 shares of the software maker’s stock valued at $692,000 after acquiring an additional 23,212 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Mitek Systems in the 2nd quarter valued at approximately $153,000. Institutional investors own 83.64% of the company’s stock.

Mitek Systems Price Performance

Shares of MITK stock traded up $0.68 on Friday, reaching $14.64. 328,822 shares of the stock were exchanged, compared to its average volume of 821,502. Mitek Systems has a one year low of $8.14 and a one year high of $15.80. The stock has a market cap of $663.20 million, a PE ratio of 41.82 and a beta of 1.03. The stock has a 50 day moving average price of $14.18 and a 200 day moving average price of $11.45.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. The firm had revenue of $44.24 million during the quarter, compared to analysts’ expectations of $42.44 million. Mitek Systems had a return on equity of 16.86% and a net margin of 8.67%. On average, research analysts expect that Mitek Systems will post 0.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Jefferies Financial Group raised shares of Mitek Systems from a “hold” rating to a “buy” rating and raised their price objective for the stock from $11.00 to $15.00 in a report on Friday, February 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mitek Systems in a report on Friday, March 27th. Northland Securities set a $17.00 price objective on Mitek Systems in a research report on Wednesday, April 15th. Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Finally, Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 7th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Mitek Systems has a consensus rating of “Hold” and an average target price 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.