Maverick Capital Ltd. Takes $589,000 Position in Mitek Systems, Inc. $MITK

Maverick Capital Ltd. bought a new stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) during the 1st quarter, HoldingsChannel reports. The firm bought 43,649 shares of the software maker’s stock, valued at approximately $589,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MITK. Mak Capital One LLC purchased a new position in Mitek Systems in the 4th quarter worth approximately $6,690,000. Topline Capital Management LLC acquired a new stake in Mitek Systems in the second quarter valued at approximately $5,235,000. Congruence Capital LLC purchased a new stake in shares of Mitek Systems during the fourth quarter valued at approximately $4,106,000. Tudor Investment Corp ET AL lifted its position in shares of Mitek Systems by 1,026.3% during the third quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock worth $2,255,000 after purchasing an additional 210,352 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Mitek Systems by 109.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 395,956 shares of the software maker’s stock worth $4,177,000 after purchasing an additional 206,593 shares in the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on MITK. Wall Street Zen lowered shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. Northland Securities set a $17.00 price objective on shares of Mitek Systems in a report on Wednesday, April 15th. Weiss Ratings raised shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Finally, Zacks Research downgraded Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Buy rating and two have assigned 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 Stock Performance

Shares of MITK opened at $16.78 on Wednesday. The business’s 50 day moving average is $17.57 and its two-hundred day moving average is $14.71. Mitek Systems, Inc. has a 52-week low of $8.53 and a 52-week high of $21.05. The firm has a market cap of $757.77 million, a price-to-earnings ratio of 47.94 and a beta of 0.97. 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 for the quarter, topping the consensus estimate of $0.26 by $0.12. The company had revenue of $54.84 million during the quarter, compared to the consensus estimate of $52.59 million. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. Analysts forecast that Mitek Systems, Inc. will post 0.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Garrett Gafke sold 21,108 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $14.19, for a total value of $299,522.52. Following the completion of the sale, the chief operating officer directly owned 244,279 shares of the company’s stock, valued at $3,466,319.01. The trade was a 7.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.20% of the company’s stock.

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.