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

Hillsdale Investment Management Inc. cut its holdings in Mitek Systems, Inc. (NASDAQ:MITK) by 9.2% during the 3rd quarter, according to its most recent Form 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 quarter. Hillsdale Investment Management Inc.’s holdings in Mitek Systems were worth $5,128,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. New York State Teachers Retirement System purchased a new stake in Mitek Systems in the 3rd quarter valued at approximately $39,000. Tower Research Capital LLC TRC raised its holdings in shares of Mitek Systems by 320.3% in the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock worth $60,000 after acquiring an additional 4,586 shares during the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Mitek Systems by 13.6% in the third quarter. Harbor Capital Advisors Inc. now owns 12,100 shares of the software maker’s stock valued at $118,000 after acquiring an additional 1,449 shares in the last quarter. AlphaQuest LLC purchased a new stake in shares of Mitek Systems in the third quarter valued at $130,000. Finally, Bayesian Capital Management LP acquired a new stake in shares of Mitek Systems during the second quarter valued at $136,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Mitek Systems Price Performance

MITK opened at $13.03 on Friday. Mitek Systems, Inc. has a 12 month low of $6.93 and a 12 month high of $13.90. The business has a 50-day moving average of $10.79 and a two-hundred day moving average of $9.99. The stock has a market capitalization of $590.52 million, a price-to-earnings ratio of 37.23 and a beta of 1.07.

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. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. The business had revenue of $44.24 million for the quarter, compared to analyst estimates of $42.44 million. Equities research analysts anticipate that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

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.