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

North Star Investment Management Corp. grew its holdings in Mitek Systems, Inc. (NASDAQ:MITK) by 2,930.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 124,095 shares of the software maker’s stock after buying an additional 120,000 shares during the period. North Star Investment Management Corp. owned 0.27% of Mitek Systems worth $1,675,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in MITK. Tower Research Capital LLC TRC increased its position in Mitek Systems by 320.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after acquiring an additional 4,586 shares during the period. State of Alaska Department of Revenue lifted its position in Mitek Systems by 305.2% during the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock worth $85,000 after acquiring an additional 6,082 shares during the period. Russell Investments Group Ltd. lifted its position in Mitek Systems by 4,147.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock worth $97,000 after acquiring an additional 9,706 shares during the period. AXQ Capital LP purchased a new position in shares of Mitek Systems in the 4th quarter valued at approximately $117,000. Finally, Bayesian Capital Management LP purchased a new position in shares of Mitek Systems in the 2nd quarter valued at approximately $136,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

Mitek Systems Price Performance

Shares of NASDAQ:MITK opened at $19.59 on Tuesday. Mitek Systems, Inc. has a 52 week low of $8.53 and a 52 week high of $19.76. The company has a 50-day moving average price of $15.82 and a 200 day moving average price of $13.46. The company has a market cap of $884.68 million, a P/E ratio of 55.97 and a beta of 1.01. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.12. The company 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%. Research analysts predict that Mitek Systems, Inc. will post 0.86 earnings per share for the current year.

Insiders Place Their Bets

In other Mitek Systems news, COO Garrett Gafke sold 152,529 shares of the 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 completion of the transaction, the chief operating officer owned 265,387 shares in the company, valued at approximately $3,694,187.04. This represents a 36.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

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.