Rhumbline Advisers Buys 4,277 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Rhumbline Advisers lifted its stake in Mitek Systems, Inc. (NASDAQ:MITK) by 7.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,141 shares of the software maker’s stock after acquiring an additional 4,277 shares during the quarter. Rhumbline Advisers’ holdings in Mitek Systems were worth $728,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its holdings in Mitek Systems by 6.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,027 shares of the software maker’s stock valued at $438,000 after acquiring an additional 1,759 shares during the period. Innealta Capital LLC bought a new position in shares of Mitek Systems in the 2nd quarter worth approximately $32,000. BNP Paribas Financial Markets boosted its holdings in shares of Mitek Systems by 9.0% in the first quarter. BNP Paribas Financial Markets now owns 36,684 shares of the software maker’s stock worth $517,000 after buying an additional 3,041 shares during the last quarter. Swiss National Bank grew its position in Mitek Systems by 5.4% during the first quarter. Swiss National Bank now owns 90,000 shares of the software maker’s stock valued at $1,269,000 after buying an additional 4,600 shares during the period. Finally, nVerses Capital LLC purchased a new stake in Mitek Systems during the second quarter valued at approximately $57,000. 83.64% of the stock is owned by hedge funds and other institutional investors.

Mitek Systems Price Performance

NASDAQ:MITK opened at $8.45 on Wednesday. The business’s 50-day simple moving average is $9.98 and its two-hundred day simple moving average is $11.66. Mitek Systems, Inc. has a 52 week low of $7.35 and a 52 week high of $16.24. The stock has a market cap of $395.38 million, a PE ratio of -52.81 and a beta of 1.07. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, August 8th. The software maker reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The business had revenue of $45.00 million during the quarter, compared to analysts’ expectations of $47.99 million. During the same period in the prior year, the firm posted $0.16 earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, analysts forecast that Mitek Systems, Inc. will post 0.56 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on MITK. Craig Hallum dropped their price target on shares of Mitek Systems from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Jefferies Financial Group lowered Mitek Systems from a “buy” rating to a “hold” rating and cut their price target for the company from $17.00 to $9.50 in a report on Wednesday, September 4th. StockNews.com raised Mitek Systems from a “hold” rating to a “buy” rating in a research note on Friday, July 12th. Maxim Group lowered their price objective on Mitek Systems from $23.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Finally, HC Wainwright reduced their target price on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating for the company in a report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $12.13.

Mitek Systems Company Profile

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.