Short Interest in Mitek Systems, Inc. (NASDAQ:MITK) Grows By 20.1%

Mitek Systems, Inc. (NASDAQ:MITK) was the recipient of a significant increase in short interest in the month of February. As of February 27th, there was short interest totaling 2,292,265 shares, an increase of 20.1% from the February 12th total of 1,908,633 shares. Based on an average trading volume of 1,081,510 shares, the short-interest ratio is presently 2.1 days. Approximately 5.2% of the company’s shares are short sold. Approximately 5.2% of the company’s shares are short sold. Based on an average trading volume of 1,081,510 shares, the short-interest ratio is presently 2.1 days.

Institutional Investors Weigh In On Mitek Systems

A number of large investors have recently added to or reduced their stakes in MITK. AQR Capital Management LLC lifted its holdings in 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 buying an additional 64,980 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Mitek Systems during the second quarter valued at about $263,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Mitek Systems by 96.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 64,715 shares of the software maker’s stock worth $641,000 after acquiring an additional 31,718 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Mitek Systems by 2.0% during the second quarter. Geode Capital Management LLC now owns 1,093,600 shares of the software maker’s stock worth $10,829,000 after acquiring an additional 21,087 shares during the last quarter. Finally, Creative Planning lifted its stake in shares of Mitek Systems by 87.6% in the second quarter. Creative Planning now owns 30,133 shares of the software maker’s stock worth $298,000 after acquiring an additional 14,070 shares in the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MITK has been the topic of a number of research reports. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Mitek Systems in a research report on Monday, December 29th. Finally, Jefferies Financial Group upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and raised their price target for the company from $11.00 to $15.00 in a report on Friday, February 13th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Mitek Systems currently has an average rating of “Moderate Buy” and an average price target of $15.00.

Mitek Systems Price Performance

Shares of MITK opened at $14.38 on Wednesday. Mitek Systems has a 12 month low of $6.93 and a 12 month high of $15.61. The stock’s 50-day moving average is $12.16 and its two-hundred day moving average is $10.51. The stock has a market cap of $651.70 million, a PE ratio of 41.09 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, February 5th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $44.24 million during the quarter, compared to analyst estimates 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 anticipate that Mitek Systems 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.