White Pine Capital LLC Sells 1,235 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

White Pine Capital LLC reduced its position in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 1.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 75,810 shares of the software maker’s stock after selling 1,235 shares during the quarter. White Pine Capital LLC’s holdings in Mitek Systems were worth $989,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Covestor Ltd boosted its position in shares of Mitek Systems by 32.3% during the 3rd quarter. Covestor Ltd now owns 6,107 shares of the software maker’s stock valued at $65,000 after acquiring an additional 1,492 shares during the last quarter. Total Clarity Wealth Management Inc. purchased a new stake in Mitek Systems during the 3rd quarter valued at $136,000. Principal Financial Group Inc. raised its holdings in Mitek Systems by 30.1% during the 3rd quarter. Principal Financial Group Inc. now owns 17,136 shares of the software maker’s stock valued at $184,000 after buying an additional 3,960 shares during the period. New York State Common Retirement Fund raised its holdings in Mitek Systems by 60.3% during the 4th quarter. New York State Common Retirement Fund now owns 21,077 shares of the software maker’s stock valued at $275,000 after buying an additional 7,929 shares during the period. Finally, Private Advisor Group LLC purchased a new stake in Mitek Systems during the 3rd quarter valued at $306,000. 83.64% of the stock is currently owned by institutional investors.

Mitek Systems Stock Performance

MITK stock traded up $0.29 during midday trading on Friday, reaching $12.70. The company’s stock had a trading volume of 644,859 shares, compared to its average volume of 768,012. The company has a debt-to-equity ratio of 0.64, a quick ratio of 4.70 and a current ratio of 4.70. The stock has a fifty day simple moving average of $12.71 and a two-hundred day simple moving average of $12.02. Mitek Systems, Inc. has a 1 year low of $8.88 and a 1 year high of $16.24.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Monday, April 15th. The software maker reported $0.08 earnings per share for the quarter. Mitek Systems had a positive return on equity of 13.13% and a negative net margin of 1.97%. The business had revenue of $36.92 million for the quarter. As a group, equities research analysts forecast that Mitek Systems, Inc. will post 0.78 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. StockNews.com upgraded Mitek Systems from a “hold” rating to a “buy” rating in a report on Wednesday, April 17th. HC Wainwright restated a “buy” rating and set a $19.00 price target on shares of Mitek Systems in a report on Tuesday, April 16th. Finally, Craig Hallum increased their price target on Mitek Systems from $17.00 to $19.00 and gave the company a “buy” rating in a report on Tuesday, April 16th.

About Mitek Systems

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.