Hennion & Walsh Asset Management Inc. Takes Position in Mitek Systems, Inc. $MITK

Hennion & Walsh Asset Management Inc. purchased a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 31,797 shares of the software maker’s stock, valued at approximately $640,000. Hennion & Walsh Asset Management Inc. owned approximately 0.07% of Mitek Systems at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Tower Research Capital LLC TRC increased its stake in Mitek Systems by 320.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after purchasing an additional 4,586 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Mitek Systems by 305.2% during the fourth quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock worth $85,000 after purchasing an additional 6,082 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Mitek Systems by 4,147.9% during the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock worth $97,000 after purchasing an additional 9,706 shares in the last quarter. AXQ Capital LP purchased a new stake in Mitek Systems during the fourth quarter worth $117,000. Finally, Bayesian Capital Management LP acquired a new stake in Mitek Systems in the second quarter valued at $136,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on MITK shares. Maxim Group set a $26.00 price target on Mitek Systems in a research report on Friday, August 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Mitek Systems in a research note on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $19.33.

Mitek Systems Stock Performance

Mitek Systems stock opened at $19.43 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.74 and a current ratio of 2.74. The stock has a fifty day moving average of $17.95 and a two-hundred day moving average of $15.36. The company has a market capitalization of $876.68 million, a price-to-earnings ratio of 41.34 and a beta of 0.98. Mitek Systems, Inc. has a fifty-two week low of $8.53 and a fifty-two week high of $21.05.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.06. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%.The company had revenue of $54.04 million during the quarter, compared to analysts’ expectations of $50.82 million. On average, analysts anticipate that Mitek Systems, Inc. will post 0.86 EPS for the current fiscal year.

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.