Mitek Systems, Inc. $MITK Shares Bought by North Star Investment Management Corp.

North Star Investment Management Corp. raised its stake in Mitek Systems, Inc. (NASDAQ:MITK) by 2,930.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 124,095 shares of the software maker’s stock after buying an additional 120,000 shares during the quarter. North Star Investment Management Corp.’s holdings in Mitek Systems were worth $1,675,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in MITK. AQR Capital Management LLC grew its holdings 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 acquiring an additional 64,980 shares during the period. Creative Planning raised 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 purchasing an additional 14,070 shares during the last quarter. Rhumbline Advisers raised its holdings in Mitek Systems by 39.2% during the second quarter. Rhumbline Advisers now owns 91,877 shares of the software maker’s stock worth $910,000 after purchasing an additional 25,878 shares during the last quarter. American Century Companies Inc. raised its holdings in Mitek Systems by 49.7% during the second quarter. American Century Companies Inc. now owns 69,871 shares of the software maker’s stock worth $692,000 after purchasing an additional 23,212 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Mitek Systems during the second quarter worth $153,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Mitek Systems

In other news, COO Garrett Gafke sold 152,529 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $13.92, for a total value of $2,123,203.68. Following the sale, the chief operating officer directly owned 265,387 shares in the company, valued at $3,694,187.04. This represents a 36.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on MITK. Zacks Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Northland Securities set a $17.00 price target on Mitek Systems in a research note on Wednesday, April 15th. Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Finally, Wall Street Zen cut shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Mitek Systems presently has an average rating of “Hold” and a consensus target price of $16.00.

Mitek Systems Trading Up 1.6%

Shares of Mitek Systems stock opened at $19.59 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.61 and a quick ratio of 2.61. Mitek Systems, Inc. has a 1 year low of $8.53 and a 1 year high of $19.76. The company has a market capitalization of $884.68 million, a P/E ratio of 55.97 and a beta of 1.01. The business has a 50 day moving average price of $15.82 and a 200 day moving average price of $13.46.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, May 7th. The software maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.12. The firm had revenue of $54.84 million for the quarter, compared to analysts’ expectations of $52.59 million. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%. Sell-side analysts anticipate that Mitek Systems, Inc. will post 0.86 EPS for the current fiscal year.

Mitek Systems 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.