Congruence Capital LLC Takes Position in Mitek Systems, Inc. $MITK

Congruence Capital LLC bought a new stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 389,217 shares of the software maker’s stock, valued at approximately $4,106,000. Mitek Systems makes up approximately 1.5% of Congruence Capital LLC’s holdings, making the stock its 22nd biggest holding. Congruence Capital LLC owned 0.86% of Mitek Systems at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its position in shares of Mitek Systems by 320.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after buying an additional 4,586 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of 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 valued at $85,000 after buying an additional 6,082 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of 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 valued at $97,000 after buying an additional 9,706 shares in the last quarter. AXQ Capital LP purchased a new stake in shares of Mitek Systems during the 4th quarter valued at about $117,000. Finally, Bayesian Capital Management LP purchased a new stake in shares of Mitek Systems during the 2nd quarter valued at about $136,000. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Mitek Systems Stock Performance

Shares of NASDAQ:MITK opened at $16.45 on Friday. The company has a market capitalization of $742.88 million, a price-to-earnings ratio of 47.00 and a beta of 1.02. Mitek Systems, Inc. has a 12 month low of $8.53 and a 12 month high of $17.97. The firm’s 50-day moving average is $15.04 and its 200 day moving average is $12.77. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.20.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.26 by $0.12. The company had revenue of $54.84 million for 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%. Research analysts predict that Mitek Systems, Inc. will post 0.86 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Wall Street Zen cut shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Zacks Research downgraded shares of 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 shares of Mitek Systems in a report on Wednesday, April 15th. Finally, Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.00.

Insider Buying and Selling

In other Mitek Systems news, COO Garrett Gafke sold 152,529 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total value of $2,123,203.68. Following the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.20% of the stock is owned by corporate insiders.

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.