180,948 Shares of Mitek Systems, Inc. $MITK Acquired by Inspire Investing LLC

Key Points

• Inspire Investing acquired 180,948 shares of Mitek Systems in the third quarter, valued at approximately $3.1 million and representing about 0.40% of the company. Institutional investors collectively own 83.64% of MITK.
• Mitek reported quarterly earnings of $0.34 per share, beating estimates of $0.28, while revenue of $54.04 million exceeded the $50.82 million consensus forecast.
• Analyst sentiment remains mixed: MITK has an average rating of “Hold” and a consensus price target of $19.33, compared with its reported share price of $18.64.

Inspire Investing LLC acquired a new stake in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 180,948 shares of the software maker's stock, valued at approximately $3,085,000. Inspire Investing LLC owned about 0.40% of Mitek Systems at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Integrated Wealth Concepts LLC purchased a new position in shares of Mitek Systems during the 2nd quarter worth about $42,000. State of Alaska Department of Revenue grew its holdings in Mitek Systems by 8.3% in the third quarter. State of Alaska Department of Revenue now owns 8,744 shares of the software maker's stock valued at $148,000 after purchasing an additional 669 shares during the period. SummitTX Capital L.P. purchased a new stake in Mitek Systems in the first quarter valued at approximately $140,000. Abel Hall LLC purchased a new stake in Mitek Systems in the first quarter valued at approximately $176,000. Finally, Bank of Nova Scotia acquired a new position in Mitek Systems during the first quarter worth approximately $299,000. Institutional investors and hedge funds own 83.64% of the company's stock.

Mitek Systems Stock Performance

Shares of MITK stock opened at $18.64 on Friday. The stock has a market capitalization of $841.04 million, a price-to-earnings ratio of 39.66 and a beta of 0.94. Mitek Systems, Inc. has a one year low of $8.53 and a one year high of $21.05. The company's 50-day simple moving average is $17.70 and its 200-day simple moving average is $16.97. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.74 and a current ratio of 2.74.

Mitek Systems (NASDAQ:MITK - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The software maker reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.06. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%. The firm had revenue of $54.04 million during the quarter, compared to analyst estimates of $50.82 million. Equities analysts anticipate that Mitek Systems, Inc. will post 0.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MITK shares. Wall Street Zen raised Mitek Systems from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Maxim Group set a $26.00 price objective on Mitek Systems in a report on Friday, August 7th. Zacks Research lowered shares of Mitek Systems from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 6th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Mitek Systems in a report on Friday, August 7th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $19.33.

Mitek Systems Company Profile

Mitek Systems, Inc NASDAQ: MITK develops software for digital identity verification, fraud prevention and mobile banking. Its technology enables organizations to verify individuals and documents remotely, helping businesses establish trust in digital transactions while reducing identity-related risk.

The company's products include digital identity verification solutions, document verification and authentication tools, biometric technologies, and fraud detection capabilities. Mitek also provides mobile deposit technology, which allows consumers to deposit checks by capturing images with a smartphone or other mobile device.

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